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Trends to watch in Ann Arbor real estate heading into 2018

According to report, 2017 saw faster sales, higher listing prices and values

(Photo: Sarah Takacs)
(Photo: Sarah Takacs)

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.

Condos

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.

Do you have thoughts you'd like to share about Ann Arbor real estate? Comment below or write to us at allaboutannarbor@wdiv.com.

 

 

 

 


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