With inventory at record low levels, more homes in Ann Arbor are selling above their asking prices. In March, homes sold through the Ann Arbor Area Board of Realtors’ Multi-Listing Service averaged 103 percent of their most recent listing price—the highest ratio in at least five years.
Our charts, using MLS data from Trend Graphix, show average selling price as a percentage of the original (red) and final (blue) listing price from March 2018 through March 2021, and the number of homes listed and sold in the same period. On this month’s map, ten of thirteen sales we sampled went for more than list price.
2110 Devonshire commanded a $55,000 premium. The 2,668-square-foot, five-bedroom, three-and-a-half bath in Ann Arbor Hills was listed at $905,000 and sold for $960,000. Two others gained $50,000: 2619 Bernice in the Hollywood Park area was listed at $350,000 but sold for $400,000. And after a couple of earlier offers fell through, a 2,092-square-foot fixer-upper at 1504 Longshore that was listed at $300,000 sold for $350,000.
In Burns Park, 1314 Granger went for $515,000—$45,000 more than the sellers had asked. The owners of 1374 Rosewood did almost as well: the 1,000-square-foot, three-bedroom, one-and-a-half bath home with no garage sold in two days for $337,100—$42,100 over the asking price. The last time the Rosewood home was sold, in 2011, it was on the market for two-and-a-half months before selling for $148,000—$11,000 under asking.
Near the Jackson-Dexter fork, 305 Mark Hannah, a 2,925-square-foot, four-bedroom, two-and-a-half bath “Expanded Colonial” sold for $930,000, or $31,000 over asking. (It last sold in 2015 for $380,000, but that was pre-expansion, when it had 1,443 square feet, three bedrooms, and one-and-a-half baths.) In Ann Arbor Woods, 2119 Needham, a 1,493-square-foot, four-bedroom, two-bath home with a two-car attached garage sold for $405,000—$20,000 over its asking price.
On the northwest side, 1550 Franklin sold for $15,100 over asking. And in Lower Burns Park, 1112 Henry sold for $310,000—$10,500 over asking.
In our sample, just three sellers settled for less than they’d hoped. In Burns Park, 1810 Baldwin sold for $19,900 less than its $399,900 list price. 708 N. Maple, a 1,344-square-foot, four-bedroom, one-and-a-half bath tri-level with no garage, sold for $20,000 under asking at $270,000. And though 1780 David Ct. appeared to have sold at list price, a $7,000 concession was granted to the buyer.
Condos also saw sale-to-list-price ratios rise, though not as dramatically. As of the end of March, their average sales price as a percentage of list price stood at 99 percent.
