Prices Increase Overall but Homes Still Sell Below Asking Price
Both listing and selling prices are increased for Ann Arbor homes compared to last August, as well as compared to the year to date statistics. Luckily for buyers, homes are selling below the listing price. Only 1 more new listing was entered this August compared to the previous, totaling an entry of 134 homes. The average listing price this year was $481,072, which is an increase of 11.3% in comparison to the ALP of last August which was $432,104. For the amount of homes that are put on the market, a good portion of them are selling. Like the amount of listings entered, 1 more home sold compared to the prior August where only 128 homes sold. Another positive is that the average days on the market has decreased by 8%, from 24 days to 22 days now. The average sale price for August is $452,386, this is only a 3.2% increase compared to the ASP in August 2017 which was $438,370. Looking at the year to date statistics, prices and new listings have increased but sales have dropped. A total of 1151 houses have been entered into the multiple listings service so far this year, versus 1006 listings entered at this time last year, a difference of 4.1%. The average listing price has only increased slightly, $485,569 versus $474,927. There was only a small decrease in the amount of homes sold thus far, from 790 sold homes to 784 currently. Cumulatively, the average sale price is $441,085 compared to the ASP of $430,583 last time this year. It is a seller’s market for Ann Arbor homes, especially for those sold under $700k which is the majority of homes. Homes that are sold between $700k-$800k are considered part of a balanced market. As per usual, luxury homes that are sold above $800k are in a buyer’s market.
Compared to July, the month supply is more towards a seller’s market. Whether you are looking to buy or sell, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Check back here for more updated information on Ann Arbor homes!