Residential Sales steady in June Despite Low Inventory

Despite the lack of new inventory, June sales of single family residential properties held steady compared to those recorded in June 2015, according to numbers released by the Ann Arbor Area Board of REALTORS®.

New listings of single family residential properties were down 7.6 percent in June, with 569 new listings, compared to 616 a year ago. June listings for all property types were down 8.4 percent at 785, compared to 857 in June 2015.

458 residential properties were sold in June, compared to 462 a year ago; a very slight decrease of less than one percent. Sales of all property types were up 1.1 percent in June at 631, compared to 624 properties sold in June 2015. Year-to-date, residential properties are up 8.2 percent, with 1,814 properties sold, compared to 1,677 at this midway point last year.

The average list price in June was $303,478, a 4.5 percent increase over the June 2015 average list price of $290,477. The average sale price in June was $298,721, an increase of 3.4 percent over the June 2015 average sale price of $288,938.

Strong buyer demand and low inventories coupled with still relatively low levels of new construction are continuing to push prices up and keep housing market tipped in favor of sellers in most markets, according to the National Association of REALTORS®. Potential buyers and sellers should be sure to put the national numbers in the context of what is going on in their local markets.

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