7/1/21 market update
The Ann Arbor Area Board of Realtors now has some very nifty new analysis tools, so you can run market trends easily on your own. That said, I am going to continue my monthly data analysis and provide it to you, as I believe it is important to stay informed.
Inventory is still low, but it is increasing in many areas, including Dexter, Chelsea, Ypsilanti, Saline and Ann Arbor. Where it continues to be tighter than ever before is within the Lincoln school district. My guess is that there are affordable options of newer houses in good condition, which are premiums in this market.
The number of contracts compared to offered listings is dropping slightly but still very much in a seller’s market. The areas where this has dropped includes all but Lincoln again. Ann Arbor was at 51.40% for existing (not to be built or new construction) single unit houses on 7/1/20 and is now at 59.02%. It reached a zenith on 5/3/21 at 72.63% of the houses on the market under contract. Ypsilanti, while still smoking hot, is lower than the same time last year, which noted 73.61% of properties under contract on 7/1/20, versus 70.91% today.
So, this shows we have a bit of respite for inventory, but where? It is squarely in the $500,000 plus range if observing the entire Washtenaw County one-unit house inventory (not new construction).
What the data above shows is that overall, we still have less than one months’ worth of inventory in Washtenaw County, and if segmented purely by price range, increases as price increases. Over $500,000 we stop being in a sellers’ market based on contract to listing ratios and inventory, meaning unless the house is special, it might sit longer than if it were a more moderate priced property, which of course, makes complete sense.
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Valuing your most important asset – check qualifications at https://annarborappraisals.com
Rachel Massey, SRA, AI-RRS, ASA, IFA
Certified Residential Appraiser 1204000774
ERC – Retrospective Appraisal – Reviews