October 2011 Ann Arbor Homes Update

The Overall Ann Arbor Real Estate Market is Balanced

Ann Arbor Home Stats November 2011

Comparing the end of October to the end of September, the number of Ann Arbor homes listed for sale declined by 7% and the number of homes under contract declined by 4%. All price points saw lower inventory as more homes sold than were listed. The decreasing inventory with increased sales trend of the late summer/early fall has ended and as you can see in the chart above, sales for the past 12 months slightly declined.

The real estate market for the entire Ann Arbor school district is in a balanced market at a 6.3 months supply of homes. Most price ranges had decreases in the months supply of homes, except for the under $100k and the $800k-$1M price ranges, which saw small increases. Over 1M we have a 26.25 months supply of housing available, which means it would take over 26 months for all of the current inventory to sell with no new homes coming to the market. Price ranges under $300k and the $300k-$400k, along with the $700k-$800k ranges are now in seller's markets, as sales remain up and inventory is down. The rest of the price ranges are still in a buyer’s market.

Now is a great time to purchase an Ann Arbor home! Although there is lower inventory, sellers are motivated and there isn't as much buyer competition as in the summer months. And with the historically low interest rates, your purchase power is increased by thousands. So if you're considering making a new home purchase, contact us today at info@bouma.com or 734-761-3060 to find out which Ann Arbor Subdivision is right for you! Check out the great Buyer Services we offer or search the Ann Arbor MLS here.

Posted Thursday, November 17, 2011 by Martin Bouma
Tags: Ann Arbor Homes, Ann Arbor Home Buyer, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, ann arbor real estate trends, Ann Arbor Subdivision Hotline