In the Ann Arbor area, the warm, spring weather has brought home buyers out in droves. Inventory of available homes has increased over the levels seen this time last year, but buyer demand is outpacing the supply. New homes to the market are seeing lots of traffic, and homes that have been on the market a while are getting a second look.
According to the latest statistics published today by the Ann Arbor Area Board of REALTORS® Multiple Listing Service, 834 single family homes have been sold in the first four months of 2015, a 7.4 percent increase over last year at this time when 776 homes had been sold. Condo sales are up 11 percent for the year at 240, compared to 216 a year ago. Sales of single family residential properties for the month of April are similar to last year, at 249 sales, compared to 246 in April 2014. Condo sales saw an increase of 14 percent in April, with 73 sales, compared to 64 a year ago.
The number of new listings in April is up from last year. 614 new single family residential listings entered the market in April, a jump of 9.8 percent over the 559 posted in April 2014. Year-to-date, for the first four months of the year, new listings are up 8.3 percent at 1,678, compared to 1,549 at this time last year.
Despite the increased inventory, there are not enough properties on the market to meet demand. Multiple offers are common and prices are continuing to climb. Listing prices are up 2 percent for the month of April at $272,856, compared to $268,637 in April 2014. Sale prices are up 3 percent for April, compared to a year ago, with an average sale price at $269,321, compared to $261,353 last April. Year-to-date, both the average list price and the average sales price are 9 percent higher than last year. The average list price for the first four months of the year was $268,639, compared to $247,507 at the end of four months in 2014. The average sale price at this point of the year is $262,677, compared to $240,619 a year ago.