Low inventory bring higher prices in Ann Arbor
February real estate sales statistics results according to the Ann Arbor Area Board of Realtors. Although the sales of residential properties was down 9.5 percent for the year-to-date at the end of February, this is reflected by a lack of inventory. Not for a want of buyers wanting to buy their first Ann Arbor area home or condo.
Due to the scarcity of listing inventory and a stronger local economy, residential sale prices continue to trend upward, posting an increase of 19.7 percent over last February at $207,820.
An increase of 26.5 % over this time last year with the average sale price of $216,220.00
Multiple offers are the norm, with 26 percent of sale prices posted ABOVE list price in February, and an additional 12% of sales reported AT list price. That is 38% of homes selling AT or ABOVE list price.
The buyers moving here for their medical school residency and must find housing are frustrated. We have written many offers OVER list price only do have our buyers disappointed because someone bid a little over them.
I am looking forward to following what those homes actually close at after the appraisal.
What goes around comes around
The buyers have been in the drivers seat the last 7 years and now the sellers are.
Low Inventory Requires Patience for Buyers
Buyers must be patient, and not get frustrated in this market. They need to realize that they are not the only Ann Arbor home buyer in this situation.