The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that in the Northeast and Midwest, existing-home sales bounced back in March and remained slightly up from a year ago. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 5.1 percent.
Properties typically stayed on the market for 47 days in March, a decrease from 59 days in February.
The median price in the Midwest was $174,800, up 7.0 percent from a year ago.
Local Homes Sale
Ann Arbor is one of the hottest real estate markets in the state of Michigan. Buyer demand is increasing as the inventory of homes available for sale remains low. With 36% of homes selling in 10 days or less, and 56% within 30 days or less, buyers will need to be diligent, patient and also prepared to move quickly when the right home pops up.
In the under $250,000 markets, where the inventories are the tightest, values per square foot jumped 8% over the first quarter of 2015. In the $250,000-$500,000 markets, with both sales and inventories rising, values rose just under 4%. In the over $500,000 markets both For Sale inventories and sales increased as well, while values per square foot took an unexpected jump of close to 10%.
Overall, in the Ann Arbor area the first quarter trends still show strong buyer demand across all price points. Inventories are tight with a strong seller’s market under $250,000, while in the $250,000-$500,000 price point it is a seller’s-neutral market. We are moving towards a buyer’s market over $500,000.
If you are thinking about buying or listing your home for sale this year, meet with a local real estate professional who can help you take advantage of current market conditions.
Greer Thibodeau works for Charles Reinhart Company Realtors as their Marketing Coordinator. Greer is responsible for coordinating, planning, and implementing all digital marketing. When she isn't on social media you will find her watching television, eating tacos, or traveling.