2013 was a good year for real estate, according to year-end data released by the Ann Arbor Area Board of Realtors.
More listings, more sales and higher prices defined a robust market where multiple offers were common. New listings were up 5.5 percent with 7,248 properties listed for sale. 4,536 properties were sold in 2013, a 1.7 percent increase over last year. Prices were up 18 percent, with an average residential sale price of $248,601 for the year. Properties sold 32 percent faster in 2013, with an average time on market of 47 days, compared to 69 days in 2012.
The month of December closed the year with strong numbers. Listings for all property types were up 3.6 percent and total sales were up 25 percent over December last year. The average residential sales price in December was $235,474, an increase of 8.6 percent.
As we move into 2014, consumers are optimistic about the housing market. Fannie Mae's December National Housing Survey found 33 percent of consumers feel it's a good time to sell, compared to 21 percent last year. 67 percent of consumers surveyed said it's a good time to buy, compared with 64 percent last year. Consumers' attitudes support a continued, but measured housing recovery in 2014.
Read more statistics for December 2013.