Ann Arbor Michigan Real Estate Market Stats Update | February 2023

Every month a member of Studio Four8 dives into the Ann Arbor Real Estate Market Stats 2023 numbers and breaks down what that means for your local housing market. Stay in the know by subscribing to Studio Four8’s Youtube page.

If you are looking for the February 2023 market stats update for Ann Arbor, this is the video for you. 

Hey this is Dan Kurylo at Studio Four8 at Berkshire Hathaway HomeServices Snyder and Company realtors in Ann Arbor, let’s get right into that housing data shall we?

So February of 2023 as compared to February of 2022 saw a half percent increase in average sales price to $589,000 from $586,000. Median sales price jumped a little bit more to $500,000, up 1.5% from $498,000 last February. Where we saw some more changes were the days on Market Days on Market. Days on market is up almost 25%, 40 days, as compared to last February’s 32. That translated, as those homes sit longer on the market, to less of the asking price received. That was down 4.7% February of 2023 as compared to February of 2022, 98.2% of asking price received compared to last year. We were looking at 103%. 

So what that means for you, although homes are sitting on the market a little bit longer,  Although list prices are up a little bit more, but there’s one more piece to that puzzle and that is the inventory out there. Last year, February of 2022 there were 69 homes that closed in Ann Arbor, this year, only 42 which means a 39% decrease.

 So what this means for you as a buyer is: sure prices are stable, and you might have a little bit more time, and you might get it a little bit under list but you just have fewer options out there. 

What does this mean for you as a seller? Prices are stable as long as you are pricing correctly, looks like that’s going to work out well for you. And there’s less competition than there was a similar price point last year.

So I think there’s There was for the same as or similar pricing last year so I think there’s some good takeaways for everybody and it’s going to depend on your situation what that means for you.

So reach out to us if you find yourself trying to buy yourself a home here in Ann Arbor. We’d love to talk about this data in your context and how it applies to your situation, because ultimately the data needs interpretation, and then we need to create a plan to make that data work for you.

Once again, this is Dan at Studio Four8 at Berkshire Hathaway HomeServices Snyder and Company realtors.

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