What is happening in the Ann Arbor Real Estate market this year?
April sales statistics show impressive increase in residential sales price and a rise in vacant land sales.
The average sale price of residential real estate in the Ann Arbor area is up 23 percent, according to data released by the Ann Arbor Area Board of Realtors. The average sale price for April 2012 was $210,723, compared to $171,593 for April 2011.
Market activity has been brisk and inventory is low in the Ann Arbor market area. which tends to drive prices up. Realtors report multiple offers on some properties, with homes in good condition selling within days of listing, often at or above the listing price.
Sales of all property types are comparable to 2011, with sales of vacant land the notable exception. The statistics show 64 transactions for vacant land year-to-date, compared to 30 at this time last year, paving the way for an increase in new construction.
See the graph below for a comparison of home sales in 2011 and 2012.
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