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Inventory and Sales Prices Continue to Rise

More new residential listings hit the market in October 2018, with a total of 420 new residential listings—a 9.9% increase from October 2017.

New single family listings increased 4.5% compared to October 2017 and new condominium listings jumped up 33.3%, with 96 new listings in October 2018 compared to 72 in October 2017.

Despite the number of new listings on the market, list prices and sales prices continue to rise. The average single family home list price for October 2018 rose 11.1%, with an average price of $318,903 compared to an average list price of $287,021 in October 2017. Average condominium list prices also rose 7.2%, with an average price of $265,211 compared to $247,494 in October 2017. Sales prices for single family listings rose 10.2% compared to October 2017, with an average sales price of $310,720. Average condominium sales prices for October 2018 also rose 6.1%, with an average sales price of $258,080.

Total residential sales dropped 7.5% compared to residential sales in October 2017. There were 359 total residential sales in October 2018, compared to 388 residential sales in October 2017. 295 single family homes and 64 condominiums sold in October 2018.

Average days on market remained about the same for condominiums and single family homes compared to October 2017, with an average of 27 days for condominiums and 39 days for single family homes. Year-to-date, 34% of single family homes have sold above listing price, and 41% of condominiums have sold above list price.

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

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