With a Rise in New Listings, Prices Slowly Begin to Lower for Ann Arbor Homes
Ann Arbor homes have seen an increase in the amount of listings this May, compared to last; and with the additional inventory prices are beginning to slowly reduce. An impressive increase of 53.4% more listings were entered this May compared to last May, 224 homes listed versus 146. And although listing prices are lower, it is only a decline of less than 0.5%, from $496,037 to $494,320.
Selling prices saw the same decline in May, from $437,384 to $436,348. Based on this information, homes appear to be selling a considerable amount below listing price. The number of sales decreased by 23.3% compared to May 2017, 118 sold homes versus 154. On average, homes spend 22 days on the market. There was an increase in both new listings entered so far this year and listing prices. However, there was also a decrease in the amount of sold homes and the selling price. With 37 more listings entered this year compared to last, 2018 has seen a decent 5.8% increase totaling 678 homes added to the market thus far. Listing prices have only seen a minor increase though, from $488,226 to $494,114. Unfortunately, despite the increase in listings, the amount of properties sold year-to-date has seen a 5.3% decline, 389 homes sold versus 401. Average selling prices have seen the slightest decrease of 0.5%, from $436,069 to $434,084.
Overall, Ann Arbor residential is a seller’s market because of its 4.3 month supply. Moreover, homes under $500k are part of a seller’s market. Luxury homes still tend to be considered a buyer’s market though.
If the market continues to have an increase in listings, it will become more balanced. Whether you are looking to buy or to sell your home, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Stay tuned, for more updated information about Ann Arbor’s market!