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Homes Selling at or Above Listing Price

 

May 2021 Home Sales Map

by Sue Maguire

From the July, 2021 issue

Eight million-dollar sales on this month's map bring the year-to-date total to thirty-two--as many as sold at that price point all last year. According to InfoSparks, which gathers information from the Ann Arbor Area Board of Realtors' Multi-Listing Service, those pricey homes netted 100.9 percent of their listing prices. Last year showings were shut down in May, so we looked back to the same period in 2019 for comparison; that year, existing single-families in the Ann Arbor Public Schools district that hit the million-dollar mark received 97.8 percent of their asking prices. It's hard to determine if the higher sales-to-list-price ratio is a function of more appropriate pricing or an increased demand for these luxury homes.

Three homes in Ann Arbor Hills all beat their listing prices, but by very different margins. At 2981 Devonshire, a 1977 Landau-built contemporary garnered $1.1 million--just $1,000 more than its $1,099,000 listing price. At 941 Aberdeen, a 2001 custom two-story netted $10,000 more than its $1,050,000 price tag, while the buyer of 2106 Londonderry paid $30,000 more than the $1,750,000 asking price. All were under contract within eight days of being listed.

Through the end of May, fifty-four existing single-families resold for $650,000 to $999,999 according to the MLS. The median sold-to-list-price ratio in this price range was exactly 100 percent--right where it was in the same period in 2019. But individual sellers' experience varied wildly.

A five-bedroom, 2.1-bath Colonial at 5537 Tanglewood sold right at its listing price of $669,900. A four-bedroom, 3.1-bath custom-built home at 3720 Prospect on Frain Lake took a $29,000 price drop from its $799,000 asking price. And 939 Forest, a mid-century modern in Barton Hills designed by Robert Metcalf, listed at $750,000 and sold for $900,000.

The MLS shows 298 sales in the $300,000 to $649,999 price range so far this year. The sold-to-list percentage through the end of Mayrose to 102.4 percent, from 99.7 percent in the same period in 2019.

The under $300,000 category saw the biggest increase in sold-to-list-price ratios. That's no surprise in such a competitive market. Through the end of May, the fifty homes sold in this price range generated a median of 107.3 percent of their asking prices, compared to exactly 100 percent in the same period in 2019. According to InfoSparks, May homes in this price range got an average of fifteen showings and were on the market for just six days before the sellers accepted a purchase agreement.     (end of article)

[Originally published in July, 2021.]

 

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