The strong real estate market enjoyed by the Ann Arbor area continues into Fall, according to statistics released by the Ann Arbor Area Board of Realtors. August sales of residential properties are up 15 percent over August of last year, 7.3 percent for 2012 year-to-date, compared to 2011. Inventory is still down, with the total number of listings down 7 percent from last year.
Good old Supply and Demand
Less inventory drives prices up, due to the higher demand for less supply. The average residential sale price in August 2012 was $220,738, up 8.7 percent from the average sale price of last August which was $203,061. Days on market have dropped to 61 days, compared to 82 days in August of 2011. Residential properties are selling faster, with multiple offers, at higher prices than in recent years.
Good for the sellers ! The best deals under 300,000 in Ann Arbor currently are here. Search Ann Arbor Houses for all the current listings in Ann Arbor and all of Washtenaw County.