April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase. New Listings increased 171.4 percent for Single Family homes and 109.2 percent for Townhouse/ Condo homes. Pending Sales increased 202.7 percent for Single Family homes and 207.0 percent for Townhouse/ Condo homes. Inventory decreased 59.8 percent for Single Family homes and 51.7 percent for Townhouse/Condo homes.

Median Sales Price increased 20.0 percent to $380,500 for Single Family homes and 14.2 percent to $244,000 for Townhouse/ Condo homes. Days on Market decreased 38.5 percent for Single Family homes but increased 14.3 percent for Townhouse/ Condo homes. MonthscSupply of Inventory decreased 67.9 percent for Single Family homes and 63.2 percent for Townhouse/ Condo homes. In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong

buyer demand and limited housing supply show no signs of easing soon, pointing to a

continuation of this market trend through spring and into summer.

Ann Arbor Area Board of REALTORS®