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Listing and Sales Prices Continued to Jump in February

Average listing and sales prices for single family homes continue to keep rising, according to data released by the Ann Arbor Area Board of REALTORS®.

The average residential listing price in February 2018 rose a significant 16.1% to $329,369, compared to $283,648 in February 2017. Average residential sales prices also increased considerably 16.4% in February 2018 at $322,340, compared to $276,845 in February 2017.

Inventory continues to be scarce, with a total of 254 new residential listings for February 2018, compared to 290 new residential listings in February 2017. Total residential sales have accordingly dropped 16.3% in February 2018, with 159 sales compared to 190 sales in February 2017.

Though there are fewer new listings and sales year-to-date in 2018 compared to 2017, the year-to-date sales volume for residential listings in 2018 is up 3.9% from 2017. This is likely due to the fact that 24% of listings year-to-date have sold above list price and 18% have sold at list price, compared to 18% above and 18% at list price in 2017.

To see more Ann Arbor Area housing statistics, view the February 2018 Housing Statistics Report.

 

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