Fantastic 4-bedroom, 4-bath home in Whitmore lake’s Eagle Gardens. One of only four 4-bedroom homes in the sub, this one sits on a large cul-de-sac lot with fenced back yard. 1,852 square foot, one-and-a-half story plan features a first floor master suite, vaulted living room with wood fireplace, and three generous bedrooms upstairs. The basement has an additional bath with custom sauna and tile shower.
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.
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.
