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

 
This post has been included in Michigan Information Washtenaw County, MI Information Ann Arbor, MI Information
Post is included in group: Michigan Realtors
Post is included in group: Michigan Real Estate
Post is included in group: Posts to Localism

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

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.

01/08/2008 08:00 PM by Gary White~ Grand Rapids Real Estate, FLexIt Realty, a call or click away! (Flexit Realty)


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!!) 

01/08/2008 08:02 PM by Jo-Anne Smith-Belleville, Quinte and Prince Edward Region Real Estate, Ont. (Royal Lepage Proalliance Realty, Brokerage)


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

01/08/2008 08:15 PM by Monika McGillicuddy~ N.H. Real Estate Broker & Trainer (Prudential Verani Realty/Hampstead)


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

01/08/2008 08:15 PM by Audu Real Estate~Grand Rapids, MI Real Estate Broker


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

01/08/2008 08:31 PM by Linda Scanlan (The Real Estate Referral Company)


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.

01/08/2008 08:31 PM by Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)


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. 

01/08/2008 09:18 PM by Marchel Peterson Spring TX Real Estate E-Pro ABR (Results Realty)


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

01/08/2008 09:28 PM by Gary Smith, Realtor® (The Michigan Group - Livingston)


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.

01/08/2008 10:05 PM by Frank Rubi Louisiana Real Estate-Homes for Sale (Specialized Real Estate Services, Inc.)


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

01/08/2008 10:48 PM by Jennifer Fivelsdal,ABR,GRI,SRES (Keller Williams Realty)


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.

01/08/2008 10:53 PM by Jill Wente - Spring TX Real Estate (Prudential Gary Greene)


Missy,

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

01/09/2008 06:41 AM by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates)


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.

01/09/2008 07:10 AM by Kris Wales- Metro Detroit real estate agent-Chesterfield Twp-Macomb County MI (RE/MAX Advantage 1, Inc.)


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.

01/09/2008 08:59 AM by Terry Westbrook ~ Realtor(R) Grand Rapids Mi Real Estate Ada/Cascade (Five Star Real Estate, LLC Grand Rapids , MI)


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.

01/09/2008 09:09 AM by Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty)


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.

 

01/09/2008 08:45 PM by Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)


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!!

01/09/2008 10:18 PM by Elizabeth Nieves - Bilingual Raleigh - Durham North Carolina Real Estate Team (The Elizabeth Nieves Realty Group @ Keller Williams)


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.

01/10/2008 07:05 AM by Judy Greenberg- Coldwell Banker Long Grove/ Buffalo Grove Real Estate (Coldwell Banker Residential Brokerage)


"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. 

01/10/2008 08:12 AM by Lenn Harley, Homefinders.com, MD & VA Real Estate


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.

01/10/2008 08:50 AM by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc)


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

01/10/2008 09:00 AM by James Downing - REALTOR® - Washington DC Real Estate (Coldwell Banker Residential Brokerage)


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?

01/11/2008 07:08 PM by Margaret Woda, Maryland REALTOR (RE/MAX VISION)


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

01/11/2008 11:29 PM by Benjamin Clark - Exclusive BUYER'S AGENT - Salt Lake City, Utah (Homebuyer Representation, Inc.)


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.

01/12/2008 07:53 AM by Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)


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

01/12/2008 10:56 AM by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)
Missy Caulk Ann Arbor Real Estate
Ann Arbor, MI
More about me…
Keller Williams Ann Arbor, Michigan

Office Phone: (734) 821-0757
Cell Phone: (734) 216-2822
Email Me
A blog about real estate in Ann Arbor, Michigan and the surrounding area's of Saline, Dexter, Chelsea and Ypsilanti. Connect SF 2008 Blogarama - The Blog Directory View Missy Caulk's profile on LinkedIn

 Subscribe in a reader

website counter
View my page on Real Estate 411
Real Estate Blogs - Blog Catalog Blog DirectoryClicky Web Analytics

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find MI real estate agents and Ann Arbor real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved