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Supply and Demand

The supply of listings is low and the demand is high, which drives prices up, according to numbers released by the Ann Arbor Area Board of REALTORS®.

384 new single family residential listings came to the market in September, a decrease of 6.6 percent from September 2015, when there were 411 new listings.

Strong local job growth and low unemployment is driving demand, with 353 sales of single family homes in September, a 5 percent increase over the 336 sales in September 2015. The stronger market also means quicker sales. The average time on market for September was 36 days, compared to 48 days a year ago. Condos were hot in September, with 97 sold, a jump of 18.2 percent over last September when 82 were sold.

Listing and sale prices are up, due to the low supply. The September average list price was $275,565, a 6 percent increase over the September 2015 average list price of $259,782. The average sale price for this September was up 6.3 percent at $270,875, compared to $254,904 a year ago.

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

 

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