Similar Amount of Inventory Compared to Last Year
The market listing and sales in Ann Arbor for February are quite similar to last February’s numbers. As for the amount of listings entered, 98 homes were added last month, only 2 more homes compared to last year. The average listing price has a more significant increase of 21.7%, from $517,018 to $629,105. A total of 52 homes were sold in February, and this is a 5.5% decline from the 55 homes previously. Unfortunately for sellers, the average amount of days on the market is 60 up from 55, a 9% difference.
Looking at the year-to-date statistics, they are on a similar trend to the monthly statistics. So far this year, 169 homes have been added to the multiple listings service, which is a 3.7% increase from the 163 homes entered at this time last year. The ALP has increased by 20.4% from $487,117 to $586,673. 105 homes have been sold thus far, which is a 10.5% increase in comparison to the 95 homes sold by February 2019 previously. Cumulatively, the ASP is $446,214 versus $427,803 prior, a 4.3% rise.
The Bouma Group is here to help you with all of your housing needs, whether you are looking to buy or sell, contact the real estate specialists at (734)761-3060 or email info@bouma.com. Discover Ann Arbor neighborhoods here!