Good news for Ann Arbor homeowners! According to the Ann Arbor Area Board of Realtors, the average sale price of a single-family home the previous month went up more than 8 percent. The average home in Washtenaw County was sold for $236,897 in May as compared to the $217,849 sale in the same time the previous year. It was a big improvement when you compare it to the sales made last April.

However, be warned because this trend does not mean that this is going to be permanent. Nancy Merdzinski, executive officer of the board said that she is wary of announcements made just based after one month of statistics. She said she prefers to see the trend to hold up for a number of months before making pronouncements.

Condos and single-family houses that were sold in May were 23 percent less to 286 as compared to 371 in 2008 of the same period. The first five months of this year sold 1,178 houses or condos in comparison to 1,293 during the same time last year.

Associate broker with Edward Surovell Realtors Alex Milshteyn said, “Still-low supply, from would-be sellers who are waiting out low values, coupled with traditional high spring demand, maybe be helping to bump prices back up.” Milshteyn said that the demand has been strong during the past month. This was based on his observation that after he showed a house on the northeast side of town, an agent came to see the house and then later on, another one came.

Milshteyn also said that the low interest rates are a big help.

We hope that this good news for Ann Arbor homeowners stay for quite a while.

Find an Ann Arbor Real Estate in the Directory of Ann Arbor, MI.