While the 2017 trend has been that realtors are in a real crunch to find inventory to move, a recent Ann Arbor Area Board of Realtors report indicates that the data trends downward on a year-over-year basis as well, indicating a more much wider trend towards a sellers market particularly in Washtenaw.
In some parts of Michigan the number of listings is hitting 20-year lows.
The number of new residential listings for July 2017 dropped from 2016, according to data released by the board.
There were 486 new residential listings this July, compared to 547 new listings in July 2016 — a decrease of 11.2 percent.
Sales of single family residential properties fell 12 percent to 374 sales, compared to 425 a year ago. With fewer homes for sale, inventory continues to sell faster with an average of 28 days on market, compared to 36 days on market in July 2016.
Prices for homes have also dipped compared to 2016. The average list price in July 2017 was $300,608, a decrease of 4.9 percent from last year’s average list price of $316,233.
The average sale price in July was also down 4.2 percent from last year at $298,950 compared to $312,122 in July of 2016. A large percentage of houses were sold either above or at list price. 38 percent of sales were above list price, while 20 percent of sales were recorded at list price.
The “Monthly Housing Statistics” published each month by the board represent the housing activity of the Multiple Listing Service and not necessarily all the housing activity that has occurred in Washtenaw County.
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