The Ann Arbor Area Board Market Data is posted in the chart below. The average residential sales prices year to date are down 4 percent year to date for our August market. This is the classic time for the market to taper off more in the next months, when the kids return to school. Specifically, the numbers are August year to date 06' $265,642 vs. 07' at $254,998.
As far as the number of homes sold, they are down 11 percent; August year to date is 2396 vs. 2130 in 07'. All in all, we have comparable number of residential homes on the market as we did in 06' so our inventory is stable, albeit still higher than we would like.
It is interesting to note that the days on market improved by 2 days from 78 days in 06' to 76 days in 07' before the traditional slow down.
The same trends are echoed in the Ann Arbor condo market. It will be interesting to see what happens next Tuesday when the Federal Reserve meets to review interest rates.
The above source is the Ann Arbor MLS. The link to the actual data is http://www.aaabor.com/downloads/News/HousingStats/07aug.pdf. For county wide data absorption information, click on http://www.kathytoth.com
Kathy Toth & Team
http://www.kathytoth.com
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