Sales Down but Prices Up
Overall, the Ann Arbor area housing market saw higher housing prices in 2018 compared to 2017. The average sales price of single family homes in 2018 was $321,737, 6.2% higher than the average sales price in 2017.
December 2018 saw a 1.5% increase in the averagesales price of single family homes, with an average of $302,373, compared to $297,785 inDecember 2017. Condominiums sold at an average of $254,051 in 2018, 13% higher thanthe $224,818 average sales price of 2017.
Average listing prices were up for both single family homes and condominiums in 2018. Theaverage list price of single family homes in 2018 was $326,374—up 6.2% from 2017—and the average list price of condominiums in 2018 was $256,318—up 13.3% from 2017.
The number of new listings year-to-date was up 2% from 2017, with a total of 5,789 new residential listings in 2018. In December 2018, the number of total new residential listings was up 10.6%, with 198 new listings compared to 179 in December 2017. Residential saleswere down 14.5% in December 2018 compared to December 2017, and year-to-date, there were 7.1% fewer total residential sales overall compared to 2017.
Despite sales slowing towards the end of 2018, the housing market is predicted to have a good year in 2019. According to research from CoreLogic’s Home Price Index, home prices are expected to appreciate by 4.8% in 2019 and interest rates are expected to rise.
This article courtesy of the Ann Arbor Area Board of Realtors. See the entire article including a breakdown of individual communities.
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