Ann Arbor, MI (PRWEB) August 26, 2012
The summer real estate market in the Ann Arbor area has proven to be active for both buyers and sellers. A few factors have prompted an increase in home sales prices including a 10% decline in all property listings throughout the area.
Ann Arbor Realtor Steve Wickland explains why this can have an impact on listing price, “When there are fewer homes for sale in an active market like Ann Arbor, you’re going to see an elevated listing and sale price because there are fewer homes to choose from. In certain scenarios, you may even see a bidding war take place for homes in the more popular neighborhoods around town.” Wickland says when inventory is lower there is a better chance that sellers can get the price they are looking for for their homes.
Further evidence of the active summer real estate market comes from statistics recently published by the Ann Arbor Board of Realtors. The average residential sales price is $237,769 for July, an increase of 12 percent over the average sales price of $212,663 in July 2011. The average year-to-date residential sales price is $208,785, an increase of 9.1 percent over last year at this time.
The shortage of homes is also trending prices upward in most markets and the price increases also result from fewer distressed homes in the sales mix. Wickland explains, “We’re seeing a real trend in local real estate that I think other markets in the country are seeing as well and that is higher sale prices, better quality inventory and active buyers. It’s really the best climate for home sellers that we’ve seen in recent years.”
Lawrence Yun, National Association of Realtors chief economist, also noted recently that inventory nationwide continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets.
About the Wickland Group:
The Wickland Group (http://www.wicklandgroup.com) is an established Ann Arbor Real Estate firm serving the greater Washtenaw County area, Wayne County and Oakland County. Greater Ann Arbor home buyers and sellers are encouraged to contact our team and can expect a professional, timely response. For more information please contact 866-990-7272 or steve(at)wicklandgroup(dot)com.