2013 Recap for the Ann Arbor Area Real Estate Market. Here is a recap of a very active year in residential and condo sales in the Ann Arbor real estate market.
In real estate, you will often see or hear the Median Price vs. the Average Price in the reporting of statistical data. The Median Price represents the middle of a specific group. Place the amounts or the numbers of the selected group in value order and select the middle number. If there are two middle numbers you average those two. If we used the Average Price, all it would take to influence a large change, up or down, would be one very high or one very low priced home to skew the results. Therefore using all the data and selecting the Median price will provide a more accurate depiction of our local price levels. The median price, therefore, provides a real-time market overview.
The Residential and Condo sales volume (above) showed strong sales at the end of the 2nd quarter and holding through the 3rd quarter. The last quarter slowed to April and May levels with a steady selling period to finish out the 2013 calendar year. Throughout the 2013 calendar year, inventory was low. There are plenty of qualified buyers out looking for homes and condos. If you are thinking of listing your home or condo, this is the time to speak with the Toth Team to get your questions answered. With inventory low, prices in many areas have been rising.
Below, the highest Median Monthly Sales Price for Residential properties was $234,950 in June. The Condo Median Prices remained steady with January and June showing the highest priced median selling months at $160,000.
In our particular charts we are looking back at the Monthly Sold Volume and the Median Monthly Sales Price for 2013. Information has been gathered from the Ann Arbor Area Board of REALTORS stats.
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Kathy Toth and Team are Washtenaw County, Michigan real estate experts who will guide home buyers and sellers through the entire real estate process. Our extensive knowledge of Washtenaw County areas, combined with decades of expertise in the local real estate market is extremely valuable to helping you achieve your goals. For quality service and personal attention during your real estate transaction, contact Kathy Toth and Team for all your home buying and selling needs.
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