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.