Ann Arbor Real Estate Market Updates
Saturday, July 04, 2009
Michigan is in a very volatile market and I will discuss what is happening in the Ann Arbor real estate market through 4 trend charts and our mls report from The Ann Arbor Area Board of Realtors.
The first chart shows residual inventory has shrunk slightly, new listings are up 2.8 percent and homes under contract are up about 13 percent from last May. We have more sale contracts falling apart so when I hear about National Association of REALTORS® report of increased homes under contract, I shrug it off. Mortgage underwriting guidelines are so stiff I cannot begin to tell you the horror stories I am living through with lenders.
Download the full report, click here.
The next chart shows the Months supply of inventory has ranged from 5.1 to 12 months in the winter. Last May there were 6 months of supply. This indicates a buyers market is still evident. Notice the trend line; the months supply are trending up.
Download the full report, click here.
Inventory units have declined slightly (2 percent) from May 08 to May 09. Units sold are down by 26 percent and under contract are up by 13 percent.
Download the full report, click here.
Finally, the last chart shows Median prices have declined over the last 12 months and the median listed prices have remained stable. Until that gap narrows, we will still be in a buyers market.
Download the full report, click here.
For Washtenaw County, the year to date units sold were 1074 in 08 vs. 1001 in 09 from table insert below. The volume change year over year went from $232,931,457 to $171,143,697. Downward price pressure comes from continued real estate owned bank properties and short sales. The median sales price declined year over year from $187,400 to $135,000. The average sales price went from $216,882 in 08 down to $170,973 in 09
Interest rates remain in the five percent range for now. The buyer credit is helping spur some first time buyers into the market and it is still a great time to buy.
Search all listings in Michigan with pictures and tours...Free!
Kathy Toth & Team: Ann Arbor Area Real Estate Experts
www.KathyToth.com
Keller Williams Realty
Download the full report, click here.
The next chart shows the Months supply of inventory has ranged from 5.1 to 12 months in the winter. Last May there were 6 months of supply. This indicates a buyers market is still evident. Notice the trend line; the months supply are trending up.
Download the full report, click here.
Inventory units have declined slightly (2 percent) from May 08 to May 09. Units sold are down by 26 percent and under contract are up by 13 percent.
Download the full report, click here.
Finally, the last chart shows Median prices have declined over the last 12 months and the median listed prices have remained stable. Until that gap narrows, we will still be in a buyers market.
Download the full report, click here.
For Washtenaw County, the year to date units sold were 1074 in 08 vs. 1001 in 09 from table insert below. The volume change year over year went from $232,931,457 to $171,143,697. Downward price pressure comes from continued real estate owned bank properties and short sales. The median sales price declined year over year from $187,400 to $135,000. The average sales price went from $216,882 in 08 down to $170,973 in 09
Interest rates remain in the five percent range for now. The buyer credit is helping spur some first time buyers into the market and it is still a great time to buy.
Search all listings in Michigan with pictures and tours...Free!
Kathy Toth & Team: Ann Arbor Area Real Estate Experts
www.KathyToth.com
Keller Williams Realty
