The residential real estate market in Washtenaw County is cooling as the year-end draws near.
The wintery weather in early November kept some buyers and sellers on the sidelines, while others are waiting until after the holidays to jump into the market. Inventory is down for the month, up very slightly for the year. The number of new single family listings coming on the market in November was down 28 percent at 234, compared to 325 in November 2013. New listings of all property types were down 22 percent from November 2013 at 338, compared to 433 last year. However, the number of new listings for the year is up slightly, at 7,062, compared to 6,939 this time last year.
Sales of single family homes dropped 20.5 percent in November, with 214 homes sold, compared to 269 in November 2013. 60 condos sold in November, an increase of 15.4 percent over last November when 52 condos were sold. While sales for all property types were down 14.8 percent in November, the total number of sales for the year to date is nearly identical to last year at 4,190, compared with 4,187 in 2013.
Average listing and sale prices continue to climb. The average list price for single family, residential property in November was up 1.8 percent, at $269,458. The year-to-date average listing price is $269,638, an increase of 5.7 percent from this time last year. The average sale price for a single family home in November was $256,158, virtually identical to November last year. The average sale price year-to-date is $262,618, an increase of 5.4 percent over last year's figure.
See more market data from Realtors Property Resourse and in the full November Housing Statistics report.
