Sales Prices Continue to Rise with Lack of Inventory

The number of new listings and total residential sales continued to trend downward during the second quarter of the year, but average sales prices are still on the rise.

Year-to-date, total new residential listings have fallen 2.3%. The number of new residential listings for June 2018 has dropped 6.7%, with 551 new listings, compared to 591 new listings in June 2017. Total residential sales year-to-date are down slightly, with 6.4% fewer sales in 2018 versus 2017. Comparing June 2018 to June 2017, the number of total new residential listings are down 6.7% and residential sales are down by 2.4%.

The strain on inventory continues to drive listing and sales prices up. Average residential sales prices are up 2.6% for June 2018, with an average list price of $339,197 compared to $330,400 in June 2017. Average year-to-date list prices are also up by 4.6% from 2017. Sales prices have risen 2.5% from June 2017 to an average of $336,448, and year-to-date the average residential sales price has increased by 5%. Year-to-date, 38% of single family homes have sold for above listing price, and 19% have sold at listing price.

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