My Account

Flex MLS

 

Following a very active spring, the robust pace of sales continues, according to data released by the Ann Arbor Area Board of REALTORS®.

Sales of single family residential properties rose 14.9 percent in July, with 424 homes sold, compared to 369 in July 2014.

Year-to-date, residential sales are up 16.2 percent, with 2,109 properties sold, compared to 1,815 through the first seven months of 2014. Condo sales are a bit more unpredictable. Condo sales were down 13.3 percent in July, with 92 sold, compared to 106 condo sales a year ago. However, condo sales are up 7 percent year-to-date, at 564, compared to 527 at this time last year.

New residential listings for the month of July were down 4.9 percent at 578, compared to 608 in July 2014, tightening an already sparse market. Year-to-date, listings are up slightly at 3.2 percent with 3,493 new listings logged for 2015, compared to 3,384 at this time last year.

Prices continue to rise, due in part to the lack of inventory. The average listing price for July was $304,284, an increase of 4.5 percent over July 2014 at $291,248. The average residential sale price was $298,572 in July, an increase of 4.1 percent over July 2014 at $286,692.

Lawrence Yun, National Association of REALTORS® Chief Economist, says the housing market has shifted into a higher gear in recent months. "Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring," he said. "While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas."

See more July housing statistics here.