Sales Volume Up in 2017 Despite Decreased Inventory

The local 2017 housing market saw overall higher listing and selling prices compared to 2016, and fewer listings and sales, according to data released by the Ann Arbor Area Board of REALTORS®.

Year-to-date, there were 7.5% fewerresidential listings compared to 2016, and 3% fewerresidential sales. However, the average residential listing price year-to-daterose 5.8% from 2016 and the average residential sales price rose 6.3% from $285,108 in 2016 to $303,087 in 2017. The rising sales prices reflected in December 2017, with an increase of 6.7% from an average of $278,991 in December 2016 to $297,785 in December 2017.

December 2017 saw a dip in residential listings and sales, but the total volume of sales overall for 2017 rose considerably. Residential listings for December 2017 were down 10.3% from December 2016, and residential sales were down 7.2 percent from December 2016. The total volume of residential sales year-to-date in 2017 was $1,137,789,783, a 3% increase from the total volume of sales in 2016. Though inventory was down overall in 2017, 31% of listings sold above list price and 19% of listings sold at list price, accounting for the increase in sales volume.

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