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 November 2021 stats are compared to the previous year’s November 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 November 2021, was $458,426, this is up 2.94% compared to November 2020 .The median sales price for Ann Arbor is $400,000 which has not moved at all compared to November 2020, when it was also $400,000.
Days on Market
Properties sold in November of 2021 were on market for an average of 24 days. This is down 43.64% from November 2020.
Properties Sold At or Above List Price
November of 2021 saw a 11.18% decrease in the number of properties sold, compared to November of 2020, with a total of 143 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 November of 2021, 52.45% of the properties sold at or above list price; so that means of the 143 homes sold, 75 sold at or above listing price.
When a little over 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.