Ann Arbor Real Estate Inventory Declines
The Ann Arbor real estate market as a whole, saw numbers drop in every category when comparing the end of October to the end of September. The number of Ann Arbor homes listed for sale declined by 7%, and by 30% when compared to the high in May of 789 homes, and the number of homes under contract declined by 4%. Every single price point lost inventory as homes closed and not as much new inventory was added. The trend of decreasing inventory with increased sales that we saw in the late summer/early fall has ended and sales for the past 12 months decreased by a slight .3%.
If there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market. The months supply of homes for the entire Ann Arbor real estate market is at 6.3 and remains in a balanced market. All price points have seen decreases in the months supply of homes, except for the under $100k and the $800k-$1M price ranges which saw small increases. Over 1M we have a 26.25 months supply of housing available, which means it would take over 26 months for all of the current inventory to sell with no new homes coming to the market. A balanced market continues for all price ranges under $300k and the $300k-$400k along with the $700k-$800k ranges are now in seller’s markets, as sales stay up and inventory goes down. The remaining price ranges are still in a buyer’s market.
The Ann Arbor rental market has also seen decreased inventory and sales, when compared to the end of last month, but is still strong with a 2.4 months supply, as sellers are choosing to rent their homes and wait for their market to fully recover.
You may not think so, but now is a great time to sell your Ann Arbor home! With many price points in a balanced and even seller’s market and low inventory, there isn’t as much competition as in the summer months. There are many home buyers out there and historically low interest rates available. The Bouma Group, Ann Arbor real estate experts know the current market trends, so if you’re considering making a move contact us today at email@example.com or 734-761-3060. And to search the Ann Arbor MLS, check out Ann Arbor Subdivisions, and see the great Buyer Services The Bouma Group offers, visit our Ann Arbor Real Estate website now!