Dexter, Michigan Real Estate Prices Down in August

Wednesday, September 02, 2009

by Ann Arbor Real Estate Experts

Prices are down and months supply is down from 13 to 12 months. Based on information supplied by the Ann Arbor Board of Realtors, the Dexter residential supply of homes is at one year. It would take about 12 months for all the homes to sell if no other homes came on the market. Supply has increased since January’s 9 months, which is typical for our seasonal market. Anything over 7 months supply is a buyers market.

	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG
Listings	210	131	185	203	231	217	250	245
Under Contract	10	5	2	17	16	3	23	11
Sales Past 12 Months	260	180	153	142	268	161	226	243
Absorption Rate	21.67	15.00	12.75	11.83	22.33	13.4	18.8	20.25
Months Supply	9.69	8.73	14.51	17.15	10.34	16.17	13.27	12.10

The chart above shows August 08 compared to August 09, the number of homes for sale are down by 2% and the number of units sold are down by 55%. The trend line indicates stable supply and we of course would LOVE to see this shrink.

Above, August 08 vs. August 09, the listing prices increased by 3% and prices declined by 13%. Trend lines show declinng prices last year. Below is the chart which graphs the Dexter, Michigan active homes compared to sold homes and sold prices compared to listing prices since September 2006 through August 2009. The yellow line is the sold and you can see how volatile it is and the overall downward trend sine 2006. Note the last 2 previous months prices had risen.

We are selling homes and are happy to provide you with data to make informed choices. So far 119 homes have sold, from 6 bedrooms to 2, and from 5 baths to 1 and the average sold price per square foot is $108.44 up from $103.51 in July. The highest sold price is $1,400,000. Currently there are 245 homes down from 257 Dexter homes for sale ranging in price from $1,899,500 to $38,000. See what others say about our Dexter Real Estate services. Since we actually sell more homes in Dexter than any other agent, we are acutley aware of homes that have languished on the market and like the US have watched the number of homes that have sold as foreclosures increase.