September inventory increases in Washtenaw county helping housing market
The month of September has seen some positive things in the housing market in Washtenaw county. Home owners have continued to show confidence in the market and the area has seen an increase in the amount of homes come online. It's always good to see volume going up, as we have seen an average of 3.9% increase in listings. Single family showed an increase of 7.8% while the condo market new listings fell 10.3% from a year ago at this time. The number of closings in September also rose from last year, up a combined 22.2% (Condos and Single Family). While the market still favors a sellers market, with the increase in volume buyers have had a few more choices.
Diving a little into the prices, countywide the average list price for a single family home in September was up to $453,311, up 17.9% from a year ago at this time. However, that price on average didn't make to the final sale as the average for the month was $366,472. Only 29% of the homes on the market held to get above the list, while 21% got at least the list. Condos have seen a similar fate with average list prices at $347,741, and average sold price at $280,390. Only 16% of those got what they were asking for, and 28% got above.
The days on market (DOM) for single family homes has held stead year over year at 33 days, while condos have slowed up just a bit to 51 days, from 44 last September. Condo projects in the area have increased the days since new construction is slower to close. Areas that have been the fastest to move in the month of September were in Milan, that had an average of 29 DOM, from 54 a year ago, Manchester with 19 DOM, from 25 last year, and the fastest moving market for September was Ypsilanti with an average of 12 days on market. They reported 23 a year ago. The slowest movers were Ann Arbor and Whitmore Lake both at 68 DOM, followed by Saline with 43.
The condo market continues to be harder to breakdown. Dexter saw their average sale price for condos skyrocket up with the completion of new construction projects downtown by Mill Creek. Other communities have very few to add in to the statistics, so the market is mainly driven by Ann Arbor, followed by Ypsilanti.
New construction continues to move along in the area. The average sale price was $430,935, and a total of 90 units have reported selling for the year. The average days on market has been 72.
The best strategy is to still work with your Real Estate professional to set the price that's appropriate for the market. Market analysis from a Realtor will give you the best and current conditions for your market in relation to the kind of property you have, and your specific goals, and allow you to make sound decisions. It's always better to stay ahead of the market, than to have to chase it.
Information provided by my exclusive relationship with the Ann Arbor Area Board of Realtors.