Let's take a look at the Ann Arbor real estate market for December 2017. As of December, there were 25 sales pending in the market, leaving 204 listings still for sale. The resulting pending ratio is 10.9%. This indicates the supply & demand of the market. A high ratio means that listings are in demand and quickly going to contract. A low ratio means there are not enough qualified buyers for the exisitng supply. Taking a closer look, we see that the $300K-$400K price range has a relatively large number of contracts pending sale. This range also has a relatively large inventory of properties for sale at 29 listings. The median list price for all properites in this market is $559,900. A total of 710 contracts have closed in the last 6 months with a median sold price of $355,418.
Active listings (properties for sale) have been on the market for a median time of 65 days. Analysis of sold properties for the last six months reveals a median sold price of $355,418 and 12 days on market. Notice that properties in the $1.2M - $1.3M price range have sold quickest over the last six months. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM).
The recent history of sales can be seen in the two charts above. The median sold price for the last 30 days was $327,450 with a DOM of 19 days. The median list-to-sales ratio for this area is 98.8%. Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
For more Washtenaw County sales stats, check out this blog post to help you decide when to sell. To keep up with up-to-day market updates on Ann Arbor, Chelsea, Dexter and/or Saline, fill out this form.
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