Real estate sales are starting to thaw, according to data released by the Ann Arbor Area Board of REALTORS®.
Residential sales are up 15 percent over last year, with 170 units sold in February, compared to 148 in February 2013. Condo sales were up slightly, with 47
sales in February, compared to 45 during the same time period last year. Total new listings are showing a very slight uptick from 478 in February 2013 to 483 in February 2014.
Condos are leading the pack at 88 listings, compared to 59 last February, a jump of 51 percent. New listings of single family homes continue to lag behind last year, at 313,
compared to 328 in February 2013, a dip of 4.6 percent.
Listings continue to sell faster and at a higher price than February of last year. The average number of days on market in February 2014 for residential properties is 62 days, compared to 85 days on market last February. The average listing price for February 2014 is up 8.6 percent at $230,791, compared to $212,474 in February 2013. The average residential sale price for this February is $222,455, an increase of 7 percent from $207,820 last February.