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May Market Continues Upward Trend

Numbers reported by the Ann Arbor Area Board of REALTORS® show the market continues the trend of increased sales and prices over last year.

Sales in May of single family residential homes were up 9.6 percent over last year, with 400 homes sold, compared to 365 in May 2015. 
 
The average list price was up 4.5 percent in May 2016, at $299,356, compared to an average list price of $286,456 in May 2015. The average sales price for May was $295,338, an increase of 5.2 percent over the May 2015 average sale price of $280,830. 33 percent of listings sold over list price in May, while 17 percent sold at the list price. 
 
Inventory is still tight, despite an increase in new listings. 639 new residential listings came on the market in May, a 3 percent increase over May 2015 which posted 621 new listings.
 
To see more Ann Arbor Area housing statistics, view the May 2016 Statistics Report.
 

 

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