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November Real Estate Market Shows Strength

The number of properties sold and sale prices are both up slightly from last year, according to data released by the Ann Arbor Area Board of REALTORS®.

As the year winds down, the numbers continue to climb, thanks to the strong local economy.

This November, 19 percent more listings entered the market, with 278 new residential listings, compared to 234 in November 2014. For the year, new residential listings are showing a continued strong market, with 5,112 new listings year-to-date, compared to 4,976 for the first 11 months of 2014, an increase of 2.7 percent.

Sales of single family residential properties are up 4.7 percent for November with 224 units sold, compared to 214 in November 2014. Sales for the year indicate a robust market, with a 12.2 percent increase over 2014. 3,430 residential properties have been sold in 2015, compared to 3,056 at this time a year ago.

The average listing price dipped slightly in November at $265,425, compared to $269,458 last November. For the year, the average listing price is up 2.9 percent at $277,525, compared to $269,638 after the first 11 months of 2014.

November sale prices were up slightly, at $259,333, compared to $256,158, an increase of 1.2 percent. Year-to-date, the average residential sale price is up 3.7 percent, at $272,540, compared to $262,618 at this time last year.

To see more housing statistics for November 2015, please see this PDF.

November 2015 Stats Charts

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