February Market Shows a Strong Start for Spring

Spring is here! Listings are up, sales are up and prices are competitive, according to numbers released by the Ann Arbor Area Board of REALTORS®.

337 new single family residential listings came to the market in February, an increase of 23 percent over February 2015. 102 condos were listed in February, a 34.2 percent increase over the 76 condos listed in February 2015. New listings for all property types were up 18.3 percent, with 531 new listings coming to the market, compared to 449 in February 2015.

Sales of single-family residential properties were up 24 percent, with 183 homes sold, compared to 148 homes sold a year ago. February condo sales were comparable to 2015, with 48 sold, compared to 47 in February 2015. Sales for all property types are up 15.7 percent, with 250 sales recorded in February 2016, compared to 216 a year ago.

Sale prices are up from January 2016, but down slightly compared to February 2015. The average sale price for single-family residential properties was $265,746 in February 2016, a decrease of 3.1 percent compared to the average sale price in February 2015 of $274,182. Average listing prices followed a similar trend, with the average listing price for February at $274,409. While this is an increase over January 2016, it is a 3.7 percent decrease from February 2015, at $284,955.

To see more Ann Arbor Area housing statistics, view the February 2016 Statistics Report.