Washtenaw County home sale prices up 20 percent in February as inventory declines
Washtenaw County home sale prices were up nearly 20 percent in February over the previous year as inventory declines and buyers compete for homes, according to data released Tuesday by the Ann Arbor Area Board of Realtors.
AnnArbor.com file photo
Meanwhile, declining inventory caused overall sales to drop 17 percent in February, while total residential dollar volume also fell. The data show there have been 647 new residential listings entered year-to-date, compared with 813 during the same period of 2012.
Declining inventory has been a problem for house hunters across the country, according to a recent New York Times report. Inventory is at its lowest levels since 1999, while sales prices rose 7.3 percent nationwide in 2012.
The Ann Arbor Area Board of Realtors reports that 38 percent of homes sold during February were at-or-above list price.
“Multiple offers are the norm,” the report says.