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.

The average residential sale price was $207,820 in February, compared with $173,607 in February 2012. The average year-to-date sale price is $216,220, up 26.5 percent from the average sale price in 2012. The average number of days on market fell to 85 in February, compared with 98 the year prior.

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.

Lizzy Alfs is a business reporter for AnnArbor.com. Reach her at 734-623-2584 or email her at lizzyalfs@annarbor.com. Follow her on Twitter at http://twitter.com/lizzyalfs.