Summary

Inventory—Available listings are up 17% from a month ago and 29% from last year.

Closed Units—May closed sales rose by 54 units compared to the prior month and were even with sales from June of last year. YTD, they are down by 2% compared to last year.

Values—Prices continue to climb. The average price ($345k) is up 4% from a year ago and the average price per square foot is up 5%. In most surrounding area markets, prices of higher-end homes have been leveling. Prices of Washtenaw County luxury homes, however, continue to rise at a faster pace than all other price ranges.

Summary—Despite growing inventory, there remains a shortage of move-in-ready homes. Those properties continue to sell quickly with multiple over-asking offers.

Inventory—Available listings are down 13% from a month ago, but 15% higher than this same time last year.

Closed Units—June closed sales fell off by 4 units compared to the previous month and was almost even with the same month last year. YTD closed units are up by 17%—the second highest sales in the past 5 years. Only 2017 was higher.

Values—While prices in most surrounding markets have been leveling, Washtenaw County condo prices continue to rise at a rapid pace. Average sale price is up 10% from a year ago and price per square foot is up 8%.

Summary—Condo inventory has been growing rapidly, in large part due to new high-end construction in Ann Arbor. Although inventory has been growing faster than sales, demand continues to be strong enough to keep values rising.