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There is a lot of competition right now for single family residential properties. Prices continue to climb as the supply of homes for sale is not keeping up with the demand.

 

"Buyers are coming back in force," writes Lawrence Yun, chief economist of the National Association of REALTORS®. "One factor for the recent surge could have been due to the rising mortgage rates. As nearly always happens, the initial phase of rising rates nudges people to make their decision now rather than wait until later when the rates could be higher."

First-time buyers also are having a notable presence on the market, making up 32 percent of all purchases compared to 27 percent one year ago.

Locally, sales of single family residential properties are up 28.3 percent over last year, with 462 homes sold in June 2015, compared to 360 sold in June 2014, according to numbers released by the Ann Arbor Area Board of Realtors. Sales of condos are 12 percent higher than last year, with 121 condos sold in June 2015, compared to 106 condo sales in June 2014. Sales for all property types are up 25 percent over last year for the month of June, and 14.6 percent year to date, compared to last year at this time.

The average list price of $290,477 is an increase of 1.5 percent over $286,205 last year. The average sales price for June was $288,938, compared to $282,122 a year ago, an increase of 2.4 percent. With Ann Arbor making several recent lists of "Best Places" to live, work, raise children and retire, it doesn't appear that the market will slow any time soon.

To see more housing statistics for June 2015, please see this PDF