Here are the key indicators of our Ann Arbor market.
Want to Buy a Home? Search All Homes
Want to Sell a Home? Get a Home Value Report
The Most Important Stats From Our 2019 Market
Here are the key market statistics from 2019 from the Ann Arbor Board of REALTORS®.
Want to Buy a Home? Search All Homes
Want to Sell a Home? Get a Home Value Report
What happened in the real estate market in 2019?
The ups and downs of our market are much like the ski hills of Vail, Colorado, where we’re filming today’s video. After going over last year’s data from the Ann Arbor Board of REALTORS®, the most important number we found was the average sales price for single-family homes, which rose 4% compared to 2018. The average sales price for condominiums, meanwhile, rose 1%.
Year over year, the average days on market for single-family homes rose from 35 to 37 days, and the average for condominiums rose from 28 to 43 days. Sometimes when you see the average days on market lengthen, it’s an early indication that a shift is coming.
“
When looking at the real estate market, it’s important
to know what’s happening in your price range.
”
Another year-over-year number to keep in mind is the total number of new residential listings, which rose 1%. This is a good sign, as it implies that we’re moving toward a more balanced market.
When looking at the real estate market, it’s important to know what’s happening in your price range. If you want to know the average days on market and absorption rate of every market segment, give us a call or check out the full statistics we’ve provided in today’s video:
Market Snapshot
Ann Arbor Market Stats
Market Timing & Data
If you’d like a live property review, feel free to reach out to us as well. Online home valuations don’t know what’s inside your house, but we’d be happy to check it out for you. We can also help you with tax planning, trust planning, or preparing your home to sell.
There Are Signs of a Shift in the Michigan Housing Market
How is the housing market looking in Michigan? See what this fall holds.
Want to Buy a Home? Search All Homes
Want to Sell a Home? Get a Home Value Report
As real estate and its prices are always changing, it’s always a good idea to keep up to date. So today, we’ll bring you the fall market update for the Michigan area.
There are more single-family homes coming on the market, up 8.9% from 358 to 390 year to year. The number of year-to-year sales is down 18.1% from 315 to 258. However, the average sales price is up to $308,080 from last year’s $299,788—an increase of 2.8%. The average days on market has improved from 32 days last year to 25 days this year.
Things can change so gradually that many people do not notice. To see if shifts are occurring in the market, it’s important to watch for accurate data in your price range.
“
Things can change so gradually that
many people do not notice.
”
Sellers could be chasing prices down, so the question for many is if they should wait until spring to sell a house. It depends on what you think is going to happen in regard to elections, the economy, and interest rates.
What happens to prices when rates go up? There may be a relationship. According to the National Association of Realtors’ national media manager, if you have rising interest rates over a longer period, then you’ll see a weaker demand. In this case, you may see price appreciation slow down. Keep in mind, today’s interest rate for an adjustable mortgage is 4.25% and 5.15% for an annual percentage rate.
If you have any questions or would like some more information, feel free to give us a call at (866) 696-8447. We look forward to hearing from you.
What Are Absorption Rates and How Do They Affect You?
Looking to sell your Ann Arbor Home? Get a FREE home value report
Looking to buy an Ann Arbor Home? Search all homes for sale
Ann Arbor is quickly becoming a very attractive place to live. We have one of the hottest real estate markets in the nation (the ninth hottest, to be exact).
We’re seeing 10% more homes listed this year, and they’re also selling for 2-3% more than they were last year. This means that you stand to make a nice profit if you choose to sell a home this year, and if you buy you can expect some nice appreciation on your investment.
One major factor to look at before you sell in Ann Arbor is the absorption rate. The rate right now is 6.5%, and this means that if no more new homes came onto the market, it would take 6.5 months for those homes to sell.
However, this is only part of the picture because certain neighborhoods and certain price ranges will be worth more than others. That’s why if you want more detailed information on this market you should contact us.
Now is the time to get into the market before it gets saturated with other buyers and sellers. Please reach out to me for more information.
How is our Ann Arbor real estate market?
Unlike stock markets, which are reported in real time globally, real estate is hyperlocal and usually reported daily. A true real estate professional visits properties and studies the market inside and out, unlike Zillow. The Toth Team Worldwide Network can predict demand and pricing based on five key indicators:
1. Volume of active listings. When there are fewer homes available for sale, prices rise because there is more demand.
2. Median sales price. This price rises when there is limited inventory.
3. Time on market. If the average listing’s stay on the market is low, that means demand is high. Currently, some properties are flying off the market—faster than a witch on a broom! If you’re a buyer, choose an agent with insider access to homes so you can see them before they hit the market.
4. Ratio of active-to-pending listings. When the number of pending listings exceeds active listings, you know you’re in a red-hot market.
5. Sales price vs. list price. If the average sales price matches the average list price, demand is up, and you’ll likely see multiple-offer situations abound. When these two prices match, it means sellers are getting 100% of what they’re asking for. In our market, if a home’s sale extra cash to closing. price surpasses its list price (or appraised value), the lender won’t allow the buyer to pay unless they dip into their own bank account or cryptocurrency and bring that extra cash to closing.
Every subdivision has subset home valuations, so seek the guidance of a real estate team such as ours to avoid overpricing or overpaying. Also, ask for our unique absorption rates, which are already calculated and analyzed for you. Be mindful that top professionals have proven clauses to protect you and give you options.
If you have any real estate questions or are thinking of moving locally or globally, we’re happy to help you connect with a top agent anywhere in the world. We’re on standby to assist with your real estate needs safely, so don’t hesitate to give us a call. In the words of 107one’s Martin Bandyke, “Start packing!”