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Ann Arbor, Washtenaw County End of the Year Market Reports

Well, here it is the end of the year and the housing data is in.

Yes, we continued to sell homes in Ann Arbor, Michigan and throughout Washtenaw County. I know you are shocked by all the horror stories you read in the media. Oh well... people do need to move and buyers do need to buy.

Property in Washtenaw County, sold for 89% of asking price, with an average of 86 days on the market. Over one in 5 homes listed SOLD.

December ended with a 30% drop in listings in 2007, compared to December 2006. So even though our inventory was up by 17.5%, the drop in listings in December 2007 is a positive sign.

Here are a couple of graphs to compare historically the trends in Washtenaw County.

I like to say, "Buyers are very unforgiving". That means what they would accept in a home a few years ago, they don't have to now, they just keep looking and find what they really want.

The homes selling the fastest are those priced to sell.

Work with a Realtor that will "tell you the truth". The truth about your home, the condition, the market conditions and the absorption rate for the inventory on the market in your specific area, Ann Arbor, Saline, Dexter, Chelsea, Manchester and Ypsilanti.

Market Conditions in Washtenaw County

Average Sale Price in Washtenaw County

Posted by Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate on 01/08/2008 07:49 PM

Comments (25)

ann arbor, market conditions, washtenaw county

Originally posted at: Ann Arbor Undressed : Ann Arbor, Washtenaw County End of the Year Market Reports

This post has been included in Michigan Information Washtenaw County, MI Information Ann Arbor, MI Information

25 Comments on Ann Arbor, Washtenaw County End of the Year Market Reports

JAN

2008

Hi Missy, kind of tells the story offering buyers and sellers great information so they can make informed decisions. Nice post, easy to read graphs.

Missy, It looks like properties are still selling in your area as long as they are priced right. It certainly is a good idea to have a knowledgeable and savvy agent like you to help the process go smoothly and produce a positive result.

Beautiful graphs!

Jo (and I love what you've done with your picture!!)

Missy, our market has picked up but buyers are all making low offers, even when in a multi offer situation...they low ball.

Great graphics Missy. Boy, home prices took a major hit...but at least they sold!

Missy - You're having pretty good activity in your area, but the sellers are getting hit pretty hard. I love your graphs!

Gary, thanks we do have to inform people over the media.

Jo-Anne, thanks appreciate your kind comment.

Monika, oh yea we're seeing low offer here too.

Lola, I feel so bad for the sellers, but happy for the buyers.

Hi Missy, I love your graphs. I guess you are now getting ready for the bombardment of the candidates and all the media hype that goes along.

Missy, looks like fairly stable news for Washtenaw. Now if those "not serious" home sellers would just stay off the market a year, I believe home values would increase

Missy, the graphs appear closely to what were facing here in the Greater New Orleans market. DOM are 93 and about 92% of asking. This is assume the deal closes. It also referred to price the property appropriately as well. Great post and graphs.

Missy - Yes homes are still selling but as you pointed out the key is to price it right. Great visual.

Missy: The Media is not always right. They could be if they decided to interview or take advice from the Realtors who work in that local market. Our Houston market just experienced its second best year in Real Estate history in 22007.

JAN

2008

Missy,

As you know I'm a big user of graphs...where do you get your from?

The 20% of listings "sold" figure is a good one. I had expected to see a lower number (in general) but am pleasantly surprised this isnt' the case.

Visuals are great. We are also seeing a slight drop in inventory here and hope to see sales increase. I am optimistic about 2008 thanks for the info.

Missy - Seems like your market has help up pretty well. Our inventory levels are down but we have seen a fairly drastic market value correction from the peak in 05 (about 20%!). Of course the market here ran up more than most places across the country so it makes sense we would have a bigger correction.

Marchel, oh the calls and flyers have started....

Gary, sounds like a plan, do you want to tell them?

Neal, I hire a company in Ann Arbor to do the stat's and the graphics. They do a great job and the data is more accurate then our boards... long story. But, others have called them out of our area and they are strickly local.

MISSY- I've been reading year end reports from all over the country...trying to connect the dots. Overall...the picture is pretty consistent. I'm putting one together for our area also...will be interesting to see how it compares. Blessings!!

JAN

2008

Missy, I love reading your blog since you are always on top of all the recent gadgets, innovative on how to present info, etc. Buyers and Sellers both appreciate those who are on top of technology.

"Buyers are very unforgiving" is so true. Sellers need to know the facts. Business as usual whereby "it's good enough" just will not sell homes these days.

It appears that the prices are still trending down in your area. Here too except for some areas where the prices are holding strong and the sales are down dramatically. I believe it's time for a stat on our sales to get the real picture.

Hi Missy,
Sellers must have their homes in tip top shape in this market, otherwise buyers just move on to the next one. They are definitely in the driver's seat.

For a second I thought you were saying - correctly prices homes sell quickly??

JAN

2008

Excellent information for Ann Arbor home buyers and sellers. People really do need to know what's going on in the market place before they jump in. Missy, could I ask what tool you used to create these charts?

Too bad your graph company is strictly local. I like the graphs a lot too.

JAN

2008

I use a local company called Big House Data in Ann Arbor,they do the stat's on a monthly basis. Unfortunately, because of them getting the data from the Ann Arbor Board of Realtors they can't do outside our area. A few rainers here have contacted them.

Missy- At least homes are selling, that is a good thing! I like your graphs too. Katerina

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