Despite higher listing prices, selling prices remain stable
The second month of the new year isn’t experiencing any massive shifts for Ann Arbor homes so far. There was a 19.1% decline in the amount of new homes added to the market, from 131 to 106 recently. With a dip in inventory, the average listing price increased to $627,352 versus $583,118 the previous February. A total of 63 homes were sold this past month, which was only 1 more from before. There was also a minimal change in the average sale price compared to last year from $458,970 to $456,009. Luckily for sellers, the average days on the market decreased by 22% and is sitting at 46 days currently.
As for the year-to-date statistics, they followed a similar trend to the monthly numbers. 201 homes have been listed this year, an 8.2% decline from the 219 prior. The ALP for these properties increased 9.7% from $549,629 to $602,945. Sold inventory went in the opposite direction by increasing 4% to 129 homes versus 124 before. There was a slight rise in the ASP which was $436,397 earlier to $440,141 recently.