ANN ARBOR – According to a report by the Ann Arbor Area Board of Realtors released Dec. 8, several new trends emerged in 2017. The statistics gathered are through the end of November, and show higher listing prices and faster sales this year in Ann Arbor.
Single family homes
Based on year-to-date data through the end of November, compared to last year, the average listing price of a single family home went up by $24,510.
In 2017, the average listing price of a home was $474,190, up from $449,680 in 2016.
Sales, too, are up.
The average single family home sold for $423,024 in 2017, and for $391,798 in 2016.
Year Homes listed Homes sold
2016 1,473 1,116
2017 1,383 1,057
In 2017, the average single family home spent 30 days on the market before selling, down from 34 the previous year.
The average listing price of a condo jumped nearly $40,000 from the previous year -- that's nearly double the rise in listing price for a single family home.
This could shed some light on the value of and need for new developments in Ann Arbor.
In 2017, the average listing price of a condo was $297,269 up from $257,700 in 2016.
The average sale price of a condo in 2017 was $254,502 compared to $227,217 in 2016.
Year Condos listed Condos sold
2016 738 630
2017 679 589
In 2017, the average condo spent 26 days on the market before selling, down from 30 the previous year.
How do these numbers compare to the rest of Washtenaw County?
According to the report, the average residential list price in 2017 was $300,505 and the average residential sales price was $293,505.
These figures are significantly lower than Ann Arbor's averages, where the average listing price for a single family home is $173,685 higher than the county's, and the sale price is $129,519 higher.
The second most expensive city for real estate in the county is Saline, followed by Dexter.
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