Year-to-Date Sales Prices are Up, Total Sales are Down

The first quarter of 2018 saw a significant drop in the number of new listings and total residential sales, but average sales prices continue to rise.

Year-to-date, total new residential listings have fallen 12.3%. The number of new residential listings for March 2018 has dropped 12%, with 401 new listings, compared to 456 new listings in March 2017. Total residential sales have also dipped year-to-date, down 13.9% from 2017 and down 19.5% in March 2018 versus March 2017.

Despite the number of sales being down, the average residential sales price for March 2018 has remained 1.6% higher than March 2017, with an average of $298,734 compared to $294,078 in March 2017. Average year-to-date sales prices have been above the year-to-date sales price average of 2017 since January, however the average sales price has dipped slightly from February 2018 to March 2018. Additionally, 33% of residential homes have been sold above listing price and 28% have been sold at listing price in March 2018, compared to 23% above and 20% at list price in March 2017.

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

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