Homes are selling faster in Washtenaw County, July data shows
The average home sale price in Washtenaw County in July was $263,978, an 11 percent increase over July 2012.
Courtesy photo
Homes were on the market for an average of 36 days last month before they were sold, down from 61 days in July 2012. Meanwhile, condos spent 29 days on the market last month, compared with 53 in July 2012.
During the first seven months of 2013, homes spent an average of 51 days on the market, compared with 74 in 2012.
The pace of home sales is fueled in part by a lack of inventory during the first half of the year. With more buyers than sellers in the market, many buyers competed for houses and offered more than asking price.
July data shows inventory of listings is to starting to grow, with 11 percent more listings entered last month compared with the previous year. There were 141 Ann Arbor home listings entered during July, with 69 new condo listings.
The average home sale price of $263,978 is also an 11 percent improvement over July 2012.
The Washtenaw County data is reflective of national trends; year-over-year home sale prices are showing the strongest gains in seven years, according to the National Association of Realtors.
“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” said Lawrence Yun, chief economist for NAR. “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country.”
Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.
Comments
Judy
Mon, Aug 12, 2013 : 11:32 a.m.
Beware, I was told by a realtor, if a house has a listing realtor sign on it and the listing realtor changes it is a good possibility something came up in a former inspections or title check. This way the new realtor does not have to disclose the problem.
Judy
Mon, Aug 12, 2013 : 11:21 a.m.
If homes are selling and above the asking price that means more tax income as jcj said. So tell me again why Washtenaw County is having so much trouble with their Budget?
lefty48197
Sun, Aug 11, 2013 : 10:49 p.m.
36 days on the market! That's a pretty remarkable number!
ordmad
Sun, Aug 11, 2013 : 4:43 a.m.
It's all Obama's fault.
Eep
Sat, Aug 10, 2013 : 7:35 p.m.
My completely anecdotal observations back up what's being reported. Before, when a "for sale" sign went up in the neighborhood, it stayed there for months. Now, any house that goes on the market seems to sell within a few weeks - a month at most. Even houses that would be classified as "fixer uppers" seem to be selling, along with nicer houses.
lefty48197
Sun, Aug 11, 2013 : 10:49 p.m.
I remember just a few short years ago, when it seemed there were 2 or 3 for sale signs on every single block in Ann Arbor.
sttc
Sat, Aug 10, 2013 : 3:19 p.m.
yeah speaking from my experience as a homebuyer right now, the market is hot hot hot and both ask and offer prices are up. however, appraisal values have not necessarily kept pace with either so both buyers and sellers will want to be prepared for that.
sttc
Mon, Aug 12, 2013 : 3:40 a.m.
it's not necessarily that simple. if there is a huge differential between the appraisal and the offer and ask, there's nothing to force the seller to sell at that price... if they are not willing to match the appraisal and the buyer is unable or unwilling to bring a large bolus of cash to the table to make up the difference (and many mortgages won't even allow this) then the deal just falls apart, you are out whatever money you sunk into the transaction on home inspections, title check, etc and homeless for another few months till you get chance to start the process over again. it is not unusual to see a ten or twenty percent differential between appraised and ask these days, with the market being in such a state of flux and appraisers being much more conservative. one thing i've found to be helpful is if you go to zillow, their zestimates tend to be VERY close to what the appraised value will be. so if you are planning on making a move on a property, check the differential between the zestimate and the ask/offer. if there is too big a spread, be prepared for a bit more of a rocky road ahead trying to get your deal closed.
Frustrated in A2
Sun, Aug 11, 2013 : 3:01 a.m.
I'd love for the home I just put an offer in on to appraise for lower than the agreed upon price, save me a few bucks!!
JimmyD
Sat, Aug 10, 2013 : 1:42 p.m.
This is terrible. Sales, Listing and Prices up? But I was told that we're in a downward vortex of organic matter and doomed as a Nation? What will the ranters complain about next?
lefty48197
Sun, Aug 11, 2013 : 10:48 p.m.
It's getting harder and harder to claim that the economy is in shambles!
GreenMan
Sun, Aug 11, 2013 : 2:31 a.m.
I don't know what they'll complain about next but rest assured it will be Obama's fault.
Dog Guy
Sat, Aug 10, 2013 : 1:12 p.m.
A rise in the average house sale price could reflect that mostly high-end houses are selling to those people who can afford them. Must we always cheer at the Ann Arbor Area Board of Realtors pep rally?
snapshot
Sat, Aug 10, 2013 : 6:17 p.m.
Good point. I wonder how many of the buyers were government employees receiving moving expenses paid by taxpayers, like A2 school superintendents.
jcj
Sat, Aug 10, 2013 : 12:25 p.m.
I am afraid some of those jumping on the bandwagon to sell while the market is good are going to have some surprises when it comes time to relocate. For instance we bought a second house in 2008 expecting taxes to be about $1800 a year and did not find out until afterwords they jumped to about $3800 when we bought it.
jcj
Sat, Aug 10, 2013 : 7:46 p.m.
GeeWhiz Right on both counts. But mainly the one time uncapping.
GeeWhiz
Sat, Aug 10, 2013 : 7:33 p.m.
Could be because the previous owners were there for a long time so the $1800 was based on the "capped" taxable value or you don't have a homestead exemption since it is a second home.
snapshot
Sat, Aug 10, 2013 : 6:15 p.m.
jcj, what was the reason for the jump?