Lauren Slagter | MLive

Few new listings hitting the market means home prices continue to rise in Washtenaw County.

In June, the average sale price for a house in Washtenaw County was $336,448, which is the highest monthly average so far this year and an increase of 2.5 percent compared to June 2017. Year to date, the average residential sale price is $323,317.

The Ann Arbor Area Board of Realtors released a report Thursday, July 12, offering insights into market trends for the first half of 2018. Keep reading to see five key takeaways.

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Courtesy of the Ann Arbor Area Board of Realtors

1. New residential listings and sales are down

May and June tend to be the time of year when most new listings go on the market, and the trend has held true for 2018 - although there are fewer new listings this year compared to last year.

In June, 551 new residential listings hit the market, which is a 6.8 percent drop from the 591 new listings in June 2017. Year to date, Washtenaw County has seen 2,570 new residential listings, which is down 2.3 percent from 2,631 at this time last year.

With fewer options, it follows that the number of homes sold also would drop.

Last month, 446 houses sold in Washtenaw County, down 2.4 percent from 457 in June 2017. For the first half of 2018, 1,669 houses sold, which a 6.4 percent decrease from 1,784 for the first half of 2017.

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Aerial shot of Ann Arbor (Melanie Maxwell | MLive)

2. Prices rise as demand outpaces supply

In Washtenaw County's competitive housing market, list prices and sale prices are on the rise.

The average residential sale price in June was $336,448, which is 2.5 percent higher than the average sale price in June 2017. Average residential list prices also increased by 2.6 percent in June this year compared to last year, and 38 percent of houses sold above list price.

June and July are typically when houses sell for the most.

Year to date, the average sale price for a house in Washtenaw County is $323,317, up 5 percent from this time last year.

The median sale price for a single-family home in Washtenaw County so far this year is $275,500, which is a 2-percent increase from the median price of $270,000 for the first half of 2017.

Condos also are selling for more. The median sale price for condos through the first half of 2018 was $218,000, up 14.1 percent from this time in 2017.

How much house will $300K get you in Ann Arbor? Not much compared to other cities

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Lauren Slagter | MLive

3. Houses are selling quickly

Houses and condos are selling slightly faster in 2018 than they were at this time last year.

The average number of days on the market for single-family houses was 36 so far this year, compared to 39 days in the first half of 2017. Condos averaged 25 days on the market in 2018 and 31 days in 2017.

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Lauren Slagter | MLive

4. Manchester saw largest increase in number of homes sold this year

So far in 2018, the Manchester Community Schools district has seen the greatest increase in number of homes sold compared to this time last year.

Manchester had 72 new listings for single-family homes this year and 43 homes sold, compared to 40 new listings and 24 homes sold at the same time in 2017.

The Milan Area Schools district saw the largest drop in number of homes sold so far this year compared to last year, going from 96 new listings and 70 homes sold in the first half of 2017 to 66 new listings and 53 homes sold in 2018.

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5. Average sale price is rising fastest in Ypsilanti

The Ypsilanti Community Schools district still has the lowest average single-family home sale price in the county - at $184,566 for the first six months of 2018 - but the district has seen the largest increase in average sale price compared to this time last year.

The highest average home sale price so far this year is in the Ann Arbor Public Schools district, at $437,914.

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