Are you thinking of buying or selling a house this spring? Is now the right time to do it? Only you can decide that for yourself based on your personal situation. However, we can provide you with information on the current housing market in order to help you make your decision. So today we will discuss the Washtenaw County Housing Report for April 2023. This report covers all of Washtenaw County, but here are the links if you would like specific details on the housing markets in Ann Arbor, Saline, and Ypsilanti.
Inventory and Number of Sales
Inventory has been interesting lately. We are getting more homes hitting the market, but overall, inventory levels are still low and demand for quality homes is still strong. When a quality home hits the market it still sells within 10 days of listing. Homes that need some work are still selling, just not as quickly. In March we saw the number of home sales go up 33% compared to February and pending sales were up 35% so the numbers are looking good for April and even May.
Selling Price
We are seeing quite an uptick in the number of homes that are selling for over list price and a decrease in the number of homes that are selling for under list price. This is in part due to the regular ebb and flow of the seasonal housing market in Michigan. It is also due to an increase in consumer confidence in the economy.
Last month
- 37% of homes sold for over the list price
- 21% of homes sold at list price
- 43% of homes sold for under list price.
What Does This Mean For You?
Expect to see a fairly balanced and typical market this spring with steady competition. Homes will continue to sell in a timely manner with high-quality homes selling quickly.
If you’re selling– Make sure your home is looking your best and is priced appropriately. There are still plenty of buyers out there, but do what you can to make your home stand out from the rest.
If you’re buying – Be sure to act quickly if you find one you like as there is still a lot of competition out there, but there are also some deals to be had.
We hope this helps. Thanks for reading!
Published on 2023-04-25 09:36:58
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