Is real estate market value in Ann Arbor showing signs of increase?
The real estate market trends tend to change frequently and these recurrent changes make it difficult to estimate any significant phase for the market. However, by judging the monthly real estate reports it’s possible to assume the direction the market is heading upwards.
What market reports say?
If you’ll go through the Ann Arbor real estate market report for the months April and May, then you may find some significant changes. As per the reports in April, the number of homes available for sale rose considerably. In February the inventory had 191 properties listed and by the end of April the list grew up to 244.
In May the inventory has touched the 253 mark. The number of properties with a pending sale also increased up to 273 in May. These things are expected to leave an impact on the real estate market value in near future.
Is the real estate market value increasing in Ann Arbor?
According to the reports by Ann Arbor Area Board of Realtors, the significantly low-interest rates, low inventory storage and constrained demand for real estate property are going to improve the market condition soon. All these factors may keep the price range unwavering for sometime now.
However, numerous real estate experts are claiming that the property prices are going to hike up soon. Since 2011, the sales price has increased nearly 3.57%. The increase is slow but steady. The Ann Arbor Area Board of Realtors has prepared a report which shows an overall increase in the sales price. The average residential sale price in April was $237,071, an increase of 38 percent over the 2012 average sale price of $171,593.
The most active property price range is between $150,000 and $200,000. This is supposed to be the most suitable range for the buyers. The range may not be too high, but it’s significant enough.
All these factors may contribute to the further increase in real estate market value in Ann Arbor. At least market experts are hopeful about it.
How promising is the future in Ann Arbor?
With steady increase in price range and low inventory listing, the real estate market in Ann Arbor is recovering. During the past few months the inventory listings weren’t that strong in Ann Arbor and it increased the competition amongst the sellers. Lack of good property even disappointed buyers. The situation is however changing. Increased sales will surely make a huge difference to the Ann Arbor real estate market.
Guest post by Rick Miller