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See how much homes are selling for in Washtenaw County in 2017 By Ann Arbor

Washtenaw County residential home sales.jpg

1. Residential real estate market cooled off in July
 
 
 
 

By Lauren Slagter | lslagter@mlive.com

July was the first month this year when the average residential sales price for homes in Washtenaw County was lower than in 2016. The average sales price dropped by 4.2 percent, from $312,122 in July 2016 to $298,950, according to monthly reports from the Ann Arbor Area Board of Realtors.

Typically, July brings the peak average sales price in a year, but so far in 2017, June was the high point, with an average residential sales price of $328,135.

Scroll down to see four more things to know about the Washtenaw County real estate market in 2017.

 

Washtenaw County listings July 2017.jpg

2. Low inventory equates to fewer sales

 

Fewer homes are hitting the market in 2017, which is translating into fewer sales.

July brought 486 new residential listings, down 11.2 percent from the same time last year. A total of 374 residential properties sold in July, which is a decrease of 12 percent compared to the 425 properties that sold in July 2016.

So far this year, Washtenaw County has seen a total of 4,458 new listings - including vacant properties, commercial, farm, income, single-family houses and condos. The number of listings is down 9.3 percent compared to new listings for the first seven months of 2016.

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3. Competition boosts sale prices

There’s more competition for the fewer homes up for sale, which is driving up sale prices - with the exception of July this year compared to last year, as previously noted.

But so far in 2017, the average sales price for single-family houses in Washtenaw County is up 5.5 percent, from $290,139 through July of 2016 to $306,224 so far in 2017.

Fifty-three percent of single-family houses have sold at or above list price so far this year, compared to 45 percent at this time in 2016.

The low inventory also means homes are selling faster. In July, single-family houses spent an average of 28 days on the market, compared to an average of 36 days on the market at the same time last year.

 

4. Chelsea, Milan have seen more home sales than last year

 

In all, there have been fewer single-family house sales in Washtenaw County so far this year compared to last year. But some markets - like Chelsea and Milan - are an exception.

The Chelsea area has seen 124 single-family home sales so far this year, compared to 116 at the same time last year. The Milan area has had 84 single-family home sales through July, compared to 73 through July of 2016.

All the other areas of the county are seeing fewer home sales so far.

 

5. Ypsilanti is the only area where sale prices have dropped

 

Ypsilanti is the only area in the county where the average sales prices for single-family houses is lower so far this year than in 2017. The average sales prices dropped by 2.9 percent, from $166,386 through July of 2016 to $161,623 so far this year.

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