Short days on market leading to higher Home prices
Updated: Sep 17, 2020
The August sales numbers have been put together, and while inventory has dropped significantly, prices are staying strong in Washtenaw county. Essentially, if you have a property sell, if it's priced appropriately, chances are it won't be on the market long. If you are in the market to buy, plan on having to move quickly and decisively.
The number of sales for single family homes was up 3.9% from last August. We have seen the average list price go down from a year ago at this time, but the eventual sale price is up a little over 4% to $367,153. This all indicates that many sellers are receiving multiple offers for their properties eventually driving the price up, in stead of starting high and having to adjust to a lower offer. This all ties in to the overall volume of homes being offered down over 17% from a year ago.
Condos on the other hand have a little different view. The average sale price was up like single family homes, but not quite as much at $245,138, which is good. But the average listing price is much higher at $288,347. Meaning on average we are seeing condo owners listing their homes higher than what the market will bear, and having to lower.
The speed at which homes are going under contract hasn't been affected much by COVID-19. A year ago in August the average days on the market was 27 for Washtenaw County, compared to 30 for last month. The quickest moving market in the county was homes in the Lincoln cons. district with an average days on market of 9. Whitmore Lake had quick movement too at 14 days on market, but far less volume of homes that sold with 6. The highest volume of properties sold are the two largest communities in the county; Ann Arbor, and Ypsilanti with 113, and 58 respectively. It's interesting to note that a year ago the numbers were 114, and 60. So from the pre-covid market to the current, the number of listings that have sold are virtually the same. Buyers have been dealing with limited inventory for quite some time.
The average days on market for condos is a bit different. New construction has skewed the numbers with both Saline, and the Lincoln area seeing unusually high days on market in relation to the rest of the county. However factoring in those conditions, it is still under a month at 26 days.
It reinforces the need to be working with professionals prior to entering the market. Having been pre-approved for a loan, working with agents to be able to make sound, but sometimes quick decisions was crucial in the successful purchase.
Information provided by my exclusive relationship with the Ann Arbor Area Board of Realtors.