Sales Slow While Inventory Drops

 

The number of new residential listings for July 2017 dropped from 2016, according to data released by the Ann Arbor Area Board of REALTORS®.

There were 486 new residential listings this July, compared to 547 new listings in July 2016-a decrease of 11.2 percent.

Sales of single family residential properties fell 12 percent to 374 sales, compared to 425 a year ago. With fewer homes for sale, inventory continues to sell faster with an average of 28 days on market, compared to 36 days on market in July 2016. 

Prices for homes have also dipped compared to 2016. The average list price in July 2017 was $300,608, a decrease of 4.9 percent from last year's average list price of $316,233. The average sale price in July was also down 4.2 percent from last year at $298,950 compared to $312,122 in July of 2016. A large percentage of houses were sold either above or at list price. 38 percent of sales were above list price, while 20 percent of sales were recorded at list price. 

To see more Ann Arbor Area housing statistics, view the July 2017 Housing Statistics Report.