Ann Arbor Real Estate - A Sellers Market
The positive news about America's real estate market bouncing back from the infamous bubble bursting has reached the Ann Arbor real estate market, and reflections of this optimistic outlook have actually taken on a physical manifestation, at least in statistics form.
According to the “Monthly Housing Statistics” - a publication produced by the Ann Arbor Area Board of REALTORS®, which reports on the housing activity in Washtenaw County and is based on data from the Multiple Listing Service - the overall state of the residential real estate market in the county is strong so far in 2013.
Listed below are some of the numbers published by the Ann Arbor Area Board of REALTORS® that back up the positive rhetoric:
- Residential sales up 6 percent - 183 units sold versus 173 in January 2012
- Condo sales increased 32 percent over January 2012, with 41 units sold
- Amount of residential listings fell by 20 percent compared to January 2012
- Average sale price in January 2013: $232,751, 34 percent more than $173,865 in January 2012
Some of the factors involved in creating this real estate enthusiasm, according to the National Association of Realtors, include a pent-up or repressed housing demand, a general increase in employment opportunities, and the near-record low mortgage interest rates.
One nagging cloud in Ann Arbor real estate's otherwise clear blue sky is inventory. As the stats above show, the listings of residential real estate dropped by 20 percent in the last year. So, the fact that more and more people are wanting to buy a Home (demand), coupled with the fact that the number of homes being listed for sale is not keeping pace (supply), has caused the average price for a home to rise accordingly.
According to the latest (February) Multiple Listing Service information and figures from Realtor.com, homes in the U.S. continue to sell at a quick pace as demand from potential buyers increases, resulting in an extremely low inventory of homes for sale. The website goes on to report that homes sold faster last month than any other February since 2007, averaging a median of only 98 days on the market. This is 123 days less than February 2011.
If you are thinking about buying or selling a home, give us a call at (561) 880-2626 or send us an email to explore your options and to find out when is the best time for you to make a move.
