Ann Arbor and the surrounding Washtenaw County, Michigan area is still reporting impressive price increases in residential home prices heading into Fall. The Ann Arbor real estate market has held up with positive improvements in pricing and number of units sold. This great news is expected to continue as interest rates continue to stay low which helps to keep those properties selling. With such a low volume of listings available for sale, properties are selling quickly and with multiple offers in some instances. This is truly stabilizing the market and making a swing to a Sellers Market. Sellers – It is Time To List!
The following “August Monthly Housing Statistics” are published with activity from the Ann Arbor Board of REALTORS Multiple Listing Service keeping in mind that these stats do not contain all the housing activity that has occurred in the Washtenaw County area. Here are some stats from the August Report.
- August sales of residential properties are up 15 percent over August of last year, 7.4 percent for 2012 year-to-date, compared to 2011.
- Inventory is still lagging, with the total number of listings down 7 percent from last year. Less inventory drives prices up, due to the higher demand for less supply.
- The average residential sale price in August 2012 was $220,738, up 8.7 percent from the average sale price of last August which was $203,061.
- Year to date median home prices are up 9 percent from $159,000 to $174,000.
- Days on market have dropped to 61 days, compared to 82 days in August of 2011. When you look at the Days on market (DOM) numbers – they do not reflect cumulative days on market.
When you need expert real estate advice, contact the Kathy Toth and Team REALTORS at 734.669.0337.
To search for homes in Dexter and the surrounding Ann Arbor Market area go to HomeSearchAnnArbor.com
www.KathyToth.com Keller Williams Realty