The Chelsea Real Estate Market Average Sales Price is Up in July Click for a Visual Tour
Before jumping into market data, click on picture for  Chelsea Tour. Average Sales Price for July is up in Chelsea. The number of new listings was up and the number of homes sold was down. The number of active listings was down slightly. As of July 31st, there were176 active homes for sale ranging from 6 bedrooms to 1, 7 baths to 1 and prices from $995,000 to $29,900. The average asking list price per square feet was $137.44. There have been 79 homes sold in Chelsea this year ranging in bedrooms from 5 to 2 and baths from 4 to 1. The largest home sold is 3800 square feet down to the smallest at 850 square feet. The average list price was $192,461 of those homes that sold and the average sold price was $181,168. This represents and average sold price per square feet of $94.26 and list price per square feet of $100.53. The sellers got an average of 94 percent of asking price. Chelsea Real Estate Market from August 06 to July 09 is graphed below with wide sold prices displayed. The chart below shows there is 12 months of Supply of Homes for sale in Chelsea, Michigan, down from 14 months last month, but about the same as January, so we are close to stable unless we see a rash of foreclosure homes hit the market. There is still an abundance of choice, low interest rates and great prices. 2009 JAN    FEB    MAR   APRIL   MAY   JUNE    JULY Listings                         174    115    148     161    177      148     169 Under Contract                 7        5       8       14       12        16       18 Sales Past 12 Months    171    123   110       99     190     123     166 Absorption Rate/12Mo 14.25 10.25 9.17  8.25   15.8     10.3    13.8 Months Supply              12.21 11.22 16.15 19.52 11.18 14.44  12.22 Other charts below show July 08 compared to July 09 with trend lines. Chart 1 shows for sale units in July 09 are down by 20 percent and Sold units are down by 50 percent. The trend line indicates an inventory decline which is typical for the end of the season. Chart 2 below shows home asking prices are down in July 09 vs. July 08 by 2 percent and sold prices are down 17 percent. The trend line indicates sold prices are declining and asking prices are somewhat inclining. There is still an abundance of choice, low interest rates and great prices. If you know any one who is a first time home buyer looking to use the first time home buyer tax credit, time is running out to ensure closing by November 30th, 2009. 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