May 2012 real estate sales picked up 14.2 percent over the same time for the month May of 2011. Many of our Ann Arbor homes are going under contract and experiencing bidding wars. There were 298 Residential homes sold in May 2012 compared to May 2011 there were only 261 sold. The average residential sales price was $205,650 for May 2012 which is a 10% increase from the $186.953 average sale price in May 2011.
Condo sales were up 12.3% from last year, with 73 sold in May.
Overall for All Properties Sold in number of units sold, plus the improved increase in the average sale price has pushed up the total dollar volume sold to $278,112,755 for the year. This is a 12 % increase over the same time last year.
For anyone thinking about listing their Ann Arbor Area home, or condo the local inventory available is still down over 1.3 % compared to May a year ago. Prices will most likely continue to improve with less inventory. This is great news for Sellers because with fewer homes listed and fewer properties for buyers to consider makes for higher sales prices overall and homes selling in fewer number of days overall.
Buyers are still taking advantage of the great pricing on the market and those homes are receiving offers and at times Sellers are receiving multiple offers. When purchasing a home, work with a Buyers Agent. Buyer’s Agents have your best interest in mind.
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Let the Ann Arbor Real Estate Experts – Kathy Toth and Team, Keller Williams Realty help you achieve your Ann Arbor, Chelsea, Dexter, and Saline Real Estate goals.