The Ann Arbor Area Board of REALTORS just released the latest listing and sales statistics for February 2015, and our market continues the trend of low inventory and increasing buyer demand. This lack of supply and high demand is pushing prices higher. Listing prices for February are 23.4 percent higher than last February. The average listing price for February 2015 was $284,955, compared to $230,791 a year ago. Year-to-date, the difference in listing prices is only 10 percent, at $262,458 this year, compared to $238,725 at this time last year.
The average sale price for February 2015 was up 23.4 percent from last year at $274,182, compared to $222,255 in February 2014. Two months into the year, the average sale price is up 9.4 percent, at $253,321, compared to $231,541 a year ago. Both locally and nationally, the market is expected to grow as new listings reach the market and buyers take advantage of low interest rates.
Now that we have broken free from Winter’s icy grasp, we are expecting more homes to start hitting the market which should ease the supply. By the end of the year, prices should level out and result in modest gains over 2014 in the range of 4-7 percent.