April 2011 Ann Arbor Market Update

Ann Arbor Home Market Statistics

The spring real estate market is heating up and residential inventory for the overall Ann Arbor school district is increasing - up 17.5% over March. Except for the under $100k market, which decreased by 16%, and the $100k-$200K range, which had an increase of only 5%, all price points have seen large increases in inventory. There were 639 homes for sale with 26% under contract at the end of March. At the end of April, that number increased to 751 homes for sale, with 29% under contract. Even though there has been a large increase in homes listed, there has also been a large increase in the number of homes going under contract with buyers. In the chart abouve, you will see that the number of homes sold in the past 12 months has decreased, but this is typical for the slowest time for real estate, the first quarter of the year. The number of homes under contract is rising, which shows there have been increased home sales in the past month. The number of homes sold will begin to rise as they close over the next 30-60 days.

The Ann Arbor school district is currently in a buyer's market with a 9.2 month supply of housing. There has been an increase in the month's supply of homes in all price points, except the under $100k and $800k-$1M ranges. The largest increase of months supply was in the $300-$400k market, going from 6.3 to 9.9 in just a month's time. The under $100k market is seeing a 3.3 month's supply of housing, keeping it in a seller's market. Over $1,000,000 we have 30 month's supply of housing.

In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller's market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer's market. With increased inventory, there are more great homes and deals out there. If you are considering making a move in Ann Arbor or Washtenaw County, contact us today at info@bouma.com or 734-761-3060 and check out the great Buyer Services The Bouma Group offers!

Posted Thursday, May 12, 2011 by Martin Bouma
Tags: Ann Arbor Homes, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, ann arbor market trends