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Thursday September 23, 2021
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graph of home sales in the Ann Arbor Public Schools district from mid 2020 to mid 2021

Eight Days on the Market

And other insights into a wild year for home sales

by Sue Maguire

Published in September, 2021

Realtors reported selling 1,349 single-family homes in the Ann Arbor School District between June 1, 2020 and May 31, 2021.That is up 18 percent from this same time period a year earlier, when 1,146 homes sold. Dollar volume rose 29 percent, from $520,275,839 to $668,888,762.

This graph divides those sales into six broad price ranges. On the following pages, nineteen additional graphs similarly break down sales within each elementary schools' attendance boundaries. The median selling price is also listed (half cost more, half cost less), as well as the median number of days a home was on the market before a seller accepted an offer. The figures are based on analysis of Realtors' reports after removing duplicates and/or misclassified sales. The Board of Realtors does not guarantee the accuracy of its data, but it is generally reliable.

Median sales prices screamed upward by 22 percent, from $394,000 to $426,100. That bought a home with1,903 square feet, four bedrooms, and three bathrooms, one bedroom more than last year. Whereas the previous year's median selling price was 1.5 percent under the median asking price, this year's was just barely (.25 percent) over the median asking price.

The number of days on market fell by half. The median time elapsed between the time a home was active in the MLS until there was an accepted contract was just eight days.

The median price per square foot of finished, above-grade living space was $233, a 7.3 percent increase from $217 the year before.

As usual, the Angell neighborhood was the most expensive, with a median selling price of $973,875,00. Eighteen homes there sold for more than $1 million and four for over $2 million. Burns Park's median actually fell slightly (2.02 percent) but retained its hold on second place at $643,000.

Mitchell and Pittsfield were virtually tied for the lowest median: $300,000 at Mitchell--up 11.11 percent--and $300,100 at Pittsfield, virtually unchanged from the same period last year     (end of article)


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