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November Residential Sales Strong Despite Low Inventory

Sales of single-family residential homes were strong in November, despite lower inventory, according to the Ann Arbor Area Board of REALTORS®.

243 homes were sold in November, an 8.5 percent increase over last November, when 224 homes were sold. 76 condos were sold, an increase of 35.7 percent over the 56 sold in November 2015. Sales of all property types, including vacant land, commercial, farm, income, single-family and condo were up 13.9 percent at 344 sales for the month, compared to 302 sales a year ago.

The low number of new listings entering the market continues to frustrate buyers. There were 245 new single-family residential listings posted in November, a decrease of 11.9 percent from November 2015 when 278 new listings were posted.

The average listing price for November was up 12.8 percent at $299,293, compared to $265,425 in November 2015. The average sale price followed a similar track at $292,268 for November 2016, compared to $259,333 a year ago, an increase of 12.7 percent.

To see more Ann Arbor Area housing statistics, view the November 2016 Statistics Report.

 

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