The Ann Arbor area was a real estate hot spot in 2015, making the top 20 list for hottest real estate markets in the United States.
Existing home sales nationwide were up 7 percent for the year. Locally, year-to-date sales were up 12.5 percent compared to a year ago. 3,713 single family residential properties were sold in 2015, compared to 3,299 in 2014. December finished the year extremely strong, with 280 properties sold, compared to 239 in December 2014, an increase of 17.2 percent.
Home prices edged up 5 to 7 percent across the country in 2015. Locally, the year-end average sales price showed an increase of 3.3 percent over 2014, with an average of $271,815 compared to $263,029 in 2014. December average sales prices were down slightly, 0.7 percent, at $264,182 compared to $266,070 in December 2014.
The total number of new single family residential listings was up 3 percent for the year at 5,306, compared to 5,160 in 2014. New listings in December were up 5.4 percent over December 2014, with 194 new single family residential listings entering the market, compared to 184 a year ago. Even though listing numbers are increasing, low inventories continue to challenge buyers and will likely continue to do so for the foreseeable future. Available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.
The housing market has stronger fundamentals now than one year ago, both at the national and local level. Affordability remains strong, despite higher home prices. Supply constraints and faster price appreciation are anticipated once the spring buying season begins.
To see more Ann Arbor Area housing statistics for 2015, view the December 2015 Statistics Report. For additional data, view the Market Data Report from Realtors Property Resource.
