The Ann Arbor Real Estate market continues to struggle with a lack of inventory. This October 83 homes were listed for sale, compared with 124 listed in October 2015. This is a decline of 33%. As we have been reporting each month, this lack of listings is driving prices upward as the pool of buyers is not declining. The average sale price for Ann Arbor homes this October is $360,868, up 4% over last October with 7 more homes selling. Year-to-date, the average sale price has risen 6%. This all leads to Ann Arbor remaining in a seller’s market with a 4.2 month supply of homes for sale.
Inventory for Ann Arbor Real Estate increased by 8%, putting us in a balanced market for the first time since July of last year, with a 5.5 months supply of homes available. As sales continue to be very strong throughout the spring, home values are rising and many sellers are finding they are able to sell their homes when they previously could not. Compared with May 2012, sales are up by 10% showing there is still a strong buyer pool out there. The under $500,000 market continues to be in a seller’s market, with the exception of the $300k-$400k range being balanced, as these homes are selling very quickly, especially if they are priced right and in great condition.
The Ann Arbor Real Estate Spring Market Has Sprung!
As the Ann Arbor Real Estate market heads into spring, we are seeing a much needed increase in inventory. The amount of homes listed for sale at the end of March was up 23%, when compared with the end of February, with the amount of homes under contract up 36%. The pace of homes selling continues to be strong and as a whole, Ann Arbor remains in a seller’s market with a 4.4 month supply of homes available for sale.
Properties in great condition and that show well are selling very quickly, in some cases in the first day with multiple offers. If you have been considering selling your home, don’t wait, the time is now. Even if you think you may be upside down in your mortgage, with the recent price increases in Washtenaw County, your home may be worth a lot more than you think! For more information on the current market conditions or to find out what your home is worth, contact the Ann Arbor Real Estate specialists with The Bouma Group at 734-761-3060 or firstname.lastname@example.org. See our sellers marketing plan here!
The Ann Arbor Real Estate market, as a whole, continues to be in a seller’s market with a 3.1 months supply of homes listed. Sales for the past 12 months are up a whopping 22%, compared with this time last year, and will only be halted by a county wide shortage of inventory, a.k.a. homes for sale. We are finally beginning to see a rise in inventory, up 9% when compared with last month, but is actually down 34% compared with this same time last year. As the spring market nears, we expect that number to continue to rise.
This huge lack of inventory makes this the best time to get your home listed for sale! Don’t wait for the spring market to get here, buyers are out there now and are scooping up great houses in record time. Call us today at The Bouma Group for a market analysis of your home – it’s quite possibly worth a lot more than you think! 734-761-3060 or email@example.com.
List your home for sale today if you’re thinking of doing so this year. I just listed a home on Ann Arbor’s west side on Monday. As of today there have been 27 showings, with 4 offers (3 over list price) and 2 being cash. Only 5 new listings in Ann Arbor today – 1 bank sale, 1 “to be built”, and 1 being a re-list that has been on the market since June, 2010. This basically means we had 2 new listings today – and one of them needs a remodel job. If you’re thinking of selling, take advantage of this bubble in the real estate market that is allowing seller’s to get top dollar. This will quickly change as the spring inventory comes to the market.