What is happening in Ann Arbor Real Estate in Wines School?

Wednesday, August 12, 2009

by Ann Arbor Real Estate Experts

Last year in Wines School district which is in Washtenaw Schools , there were 57 reported sales per the Ann Arbor Area Board of REALTORS®. The MLS areas are separated by schools. See the map at the bottom of the report. Wines elementary school is in map area 81 and 82. Houses in the area range in year built from the 1800’s. The homes are each unique, many with 19th Century Midwest architecture to ultra modern. In case you can't wait, you can see all Wines homes for sale and search all homes in Wines School here.

The average list price to sales price ratio was 93%. This means that the average of all the homes closed at 93% of the most recent list price. The average sold price per square feet was $159.00. The average days on market (DOM) was 66 days. This number is understated because it represents the listing time frame from the last listing date. It could have been listed for a period with another agent. Some Boards like Chicagoland report cumulative days on market, but this MLS does not. The longest reported DOM was 373 and least was 0. Bedrooms ranged from 5-2. List price ranged from $3,500,000 to $149,900. The sold price ranged from $2,600,000 to $145,000. The median sales price was $310,000 and average sale price was $396,065. The square feet may include basement square feet with a notation in the listing, so it may be overstated. But the trend line indicates a slight decrease in sold price per square feet in 08. Please see charts below.

So what has changed or remained the same so far in 2009 with regard to this area of Ann Arbor Real Estate? Let’s see the data below. The reported DOM ranged 276 days to 0. Bedrooms ranged from 9-2. List price ranged from $5,990,000 to $148,900. The sold price ranged from $3,000,000 to $110,200. The median sales price was $235,000 and average sale price was $428,325. So far this year, the average list price to sale price ratio is down from 93% to 92%. So the median prices changed from $310,000 to $235,000 for 7 months compared to 2008 and the average prices went from $396,000 up to $428,325 for the first seven months this year. The average is skewed, however, by the one home that sold for $3,000,000, previously owned by Mr Macher. If you remove this home from the data the average sold price dropped to $342,675. The average sold price per sq ft is $161.34 up slightly from $159.00 per sq ft last year. The current average days on market is 75, up from 66. The number of units sold so far this year is 31, down from 40 at the same time last year. The average sold price per square feet is trending down. Let’s look at the chart for January through July 09.

This indicates that the market shifted in 2009. See that more homes in the lower price range (under $200,000) have sold. I suspect that this is spurred by the First Time Home Buyer Tax Credit and investors.