Ann Arbor Home Sales Increase!
As the fall Ann Arbor real estate market begins, inventory continues to decline for the overall Ann Arbor school district. When comparing the end of August to the end of September, the number of Ann Arbor homes listed for sale has dropped by 8.2%, and 25% when compared to the high of 789 homes listed in May. The number of homes under contract declined by 6%, and sales for the past 12 months increased by 4.5%. Most price points lost inventory as homes closed and not as much new inventory was listed. However, we did see an increase in inventory in the under $100k market, which went up 14%, and the over $1M mark, which increased just slightly with 1 new listing. The trend of decreasing inventory with increased sales is leveling out, as the homes that sold in the summer have mainly closed. Sales for the past 12 months, in most price points, has stayed fairly steady when compared to last month.
In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market. The months supply of homes for the entire Ann Arbor real estate market is at 6.8, a decrease of 11%, and is now considered a balanced market for the first time since February 2011. All price points have seen decreases in the months supply of homes, except for the under $100k and over $1M price ranges, same as with the increase in inventory. Over 1M we have a 30 months supply of housing available, which means it would take 30 months for all of the current inventory to sell with no new homes coming to the market. A balanced market continues for all price ranges between $200k-$400k and now includes the $700-800k range, as sales stay up and inventory is down. The under $100 market continues to be in a seller’s market and the remaining markets are still in a buyer’s market.
The Ann Arbor rental market remains basically unchanged when compared to the end of last month and is strong with a 2.5 months supply, as sellers are choosing to rent their homes and wait for their market to fully recover.
The fall market is here and now is the perfect time to sell your home! Inventory is lower than we’ve seen since January, so there isn’t as much competition as in the summer months, and there are still Ann Arbor home buyers out there with great interest rates available. The Bouma Group real estate experts know the market trends, so if you’re considering making a move in Ann Arbor or Washtenaw County, contact us today at info@bouma.com or 734-761-3060. And to search the Ann Arbor MLS, check out Ann Arbor Subdivisions, and see the great Seller Services The Bouma Group offers, visit our Ann Arbor Real Estate website now!