Every month Todd Waller dives deep into the previous month’s Ann Arbor Michigan real estate market stats and delivers exciting insights into the status of the Ann Arbor Michigan area real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Ann Arbor Michigan Real Estate Market
The 2021 Ann Arbor real estate market continues to be a strong sellers market, with low inventory levels, strong price appreciation, and many over list price sales occurring. These July 2021 stats are compared to the previous year’s July 2020 statistics, which means for the year over year comparisons, numbers of transactions, and days on market can be skewed because there was a hot moment where real estate was effectively brought to a standstill. (Thanks, Covid-19.)
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ann Arbor in the month of July 2021, was $455,799. Compared to June of 2020, this is up 11.52%. This may be the highest average sales price that Ann Arbor has ever seen. The median sales price also saw a signifigant jump in July. Median sales price rose 16.88% to $412,000, when comparing July 2020 to July 2021. Phenomenal numbers.
Days on Market
Properties sold in July of 2021 were on market for an average of 16 days. This means on average it only took about 2 weeks for a house to sit on the market before being snatched up. This is down nearly 52% from July 2020. The continuing decline in the number of days on market speaks to a few things. First is housing supply; we simply do not have enough inventory coming to the market to match the demand for Ann Arbor homes. Second is the potentially prolonged times that homes that closed in July of 2020 endured because of the shut down we experienced.
Properties Sold At or Above List Price
July of 2021 saw a 7.21% increase in the number of properties sold, compared to July of 2020, with a total of 223 properties receiving new owners.
A newly tracked statistic for the Studio is the percentage of properties each month that sell at or above list price. This metric is another way to gauge the supply/demand inequity in the Ann Arbor market. In July of 2021, 70.4% of the properties sold at or above list price; so that means of the 223 homes sold, 157 sold at or above listing price.
When more than half of all home sales are at or above list price, you can be sure that there is fierce competition among buyers for the limited stock of inventory that is coming to market.
What to do With This Information?
If you own a place in Ann Arbor, or are thinking of purchasing in Ann Arbor, Studio Four8 is here to help you navigate the current market, regardless of the conditions. The current market conditions favor Ann Arbor sellers. This is evident by the short days on market, and the percentage of properties selling at and above list price. So, for sellers, this is a great time to be selling. Reach out to a Studio Four8 agent and learn how we maximize the market conditions for your specific home selling scenario.
For purchasers, this is a challenging market, to be sure. Given that this is Ann Arbor, though, demand will always run higher than other communities around South East Michigan. Chat with an agent at the Studio and learn how your offer will be considered by a seller, and how we can shorten your time looking for a property.