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Sales Activity is Steady

 

The number of home sales posted in June was on par with June of 2016, according to numbers released by the Ann Arbor Area Board of REALTORS®.

There were 457 sales of single family residential properties, compared to 458 a year ago. Homes are selling faster, with the average number of days on the market showing 26, compared to 35 days on market in June 2016. 

The number of new listings coming on the market is 3.8 percent higher than last year, with 591 residential units listed in June 2017, compared to 569 last June.

Prices continue to rise. The average list price in June 2017 was $330,400, an increase of 8.9 percent over last year's average list price of $303,478. The average sale price in June was $328,135, an increase of 9.8 percent from an average sale price of $298,721 in June 2016. 37 percent of sales were above list price19 percent of sales were recorded at list price.

According to National Association of Realtors Chief Economist Lawrence Yun, " A much higher share of homeowners compared to a year ago think now is a good time to sell, but until they do, sales will likely stay flat and low inventory will keep price growth moving swiftly.  

To see more Ann Arbor Area housing statistics, view the June 2017 Housing Statistics Report.

 

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