Average Days on the Market Drop 38%
While this October saw a similar amount of new inventory for Ann Arbor homes at 140, which was only 1 more than last year; listing prices increased by 18.5% from $457,567 to $542,165 recently. Luckily for buyers, the average selling price did not experience as much of a rise at $513,272, a 9.8% increase from $467,554 the previous October. A total of 105 homes sold, and this is only down minimally compared to before. Sellers will be happy to learn that the average days on the market decreased significantly from 47 to 29 more recently – a 38.3% drop.
Overall year-to-date statistics have less inventory with higher prices. 1537 homes have been entered into the multiple listings service, and this is a 7.7% decline from last year at this time when 1665 homes had been added. The average selling price for homes so far this year increased by 6.9%, from $489,737 to $523,597. There was a difference of 10.6% for sold homes, 1096 versus 980 currently. In 2019 in October, the average listing price was $459,455 and compared to $470,356 now, this is only a slight increase.
The Bouma Group is here to help you with all of your housing needs, contact the real estate experts at (734)761-3060 or email info@bouma.com for any questions or curiosities! View our current listings and Ann Arbor homes here!