Residential Sales Rose in November

Residential housing sales rose this November despite inventory remaining steady compared to 2016, according to data released by the Ann Arbor Area Board of REALTORS®.

There was a total of 291 residential sales for November 2017, compared to 243 sales in November 2016, an increase of 19.8%. The number of new listings in November was on-par with new listings from a year ago, at 244 new listings in 2017 versus 245 new listings in 2016.

The average listing price and average sales price of residential listings in November 2017 has remained nearly equal to prices in 2016. The average residential list price rose 0.4% in 2017 at $300,505 compared to $299,293 in November of 2016. The average residential sales price also rose slightly from $292,268 in 2016 to $293,505 in 2017.

Houses have sold slightly faster in November 2017 versus November 2016, with the average days on market for residential listings at 43 days in 2017 compared to 49 days in November 2016.
Year-to-date, the average days on market for residential listings is 36 days-13 days faster than the year-to-date average in November 2016.

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