In Ann Arbor, New Listings, Closed Sales, Median Sold Price, and New Pending Sales figures all declined in August in a month-over-month and a year-over-year comparison, according to data released by the Ann Arbor Area Board of REALTORS®. That being said, numbers are still good compared to 5-year comparisons such as the dials above.
Only 197 sellers [of all property types] put their homes on the market in August, compared to 256 in July 2016. That is a 23% decrease but only a 0.5% decrease compared to August 2015.
Low levels of housing for sale means the homes on the market tend to sell quickly. The average days on market to contract has dropped from 51 days a year ago to 45 days in August 2016.
National Association of REALTORS® Chief Economist Lawrence Yun noted, "More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale. There's little doubt there'd be more sales activity right now if there were more affordable listings on the market."