Nationwide, existing home sales were down slightly in August, falling 2% after two
consecutive months of increases, according to the National Association of REALTORS®. The
decline in existing home sales coincides with rising sales prices, which have continued to
soar into fall, with the median sales price of existing homes up 14.9% compared to last
year. Declining affordability has had a significant impact on homebuyers, many of whom
have been priced out of the market and are choosing to wait for sales prices to ease before
resuming their home search.
As you can see here there are over 500 homes for sale in Ann Arbor currently:
New Listings decreased 23.3 percent for Single Family homes and 27.6 percent for
Townhouse/Condo homes. Pending Sales increased 23.6 percent for Single Family homes
and 23.8 percent for Townhouse/Condo homes. Inventory decreased 51.0 percent for Single
Family homes and 52.1 percent for Townhouse/Condo homes.
Median Sales Price increased 18.0 percent to $360,000 for Single Family homes but
decreased 0.4 percent to $236,000 for Townhouse/Condo homes. Days on Market
decreased 39.4 percent for Single Family homes and 36.4 percent for Townhouse/Condo
homes. Months Supply of Inventory decreased 59.4 percent for Single Family homes and
63.2 percent for Townhouse/Condo homes.
Explore different areas here:
There are signs the market may be shifting, however. New listings have continued to hit the
market, bucking seasonality trends commonly seen in the fall, a time when listing and sales
activity typically slows as children return to school. As inventory increases, competition for
homes may soften, and could even bring a moderation in sales prices, which, after 114
months of year-over-year gains, would be music to the ears of homebuyers throughout the
###The “Monthly Housing Statistics” published each month by the Ann Arbor Area Board of REALTORS® represent
the housing activity of the Multiple Listing Service and not necessarily all the housing activity that has occurred
in Washtenaw County. If you would like more details or information about our statistics, please email
Days on market (DOM) figures are indicated only for that particular current listing. If the property was taken off
the market and then re-listed, the count starts over and would not necessarily reflect the total days the
property has been available for purchase since it was first made available.
Mortgage interest rates have dropped to near-historic low and are staying there for the time being. The housing frenzy has ended and we are seeing more and more houses on the market right now. So, that answer is a solid YES, it’s a great time to buy!
Maybe you’re more interested in a single family home close to downtown?
1437 E PARK PLACE – MLS #3284314 – Property located in Ann Arbor – Ann Arbor Real Estate Search – Search Ann Arbor Homes for Sale
Maybe Ann Arbor isn’t for you and you’re looking for a home on the water?
4735 MIDLAND DRIVE – MLS #2210079909 – Property located in Hamburg – Ann Arbor Real Estate Search – Search Ann Arbor Homes for Sale
Let us know what you’re looking for and we are happy to help you get started, even if it’s not right away, just let us know. From lending to closing, we can help you every step of the way.
If you’d like to schedule a quick call, please sign up here:
Phone Call – Middy Matthews – Arbor Move Team Schedule a quick call with me.
Hunting for your new home is hard, but we hope to make that easier. Sometimes you think you want one city, but would like to see what surrounding areas have to offer, so if you’re up for exploring, here are some quick links. Keep this email or bookmark the links you like, as the homes will change. These links will get you just the homes that came on the market in the last week.
If your current search emails aren’t delivering what you want to see, can I customize that to your preferences. Let me know what you’re looking for and I’ll get that changed for you right away.
Newly listed homes in the last 7 days (bookmark the link you need)
Did I miss any? Let me know.