January Market Update for Ann Arbor and Washtenaw County

January 2008 was a good month for closings in Ann Arbor and Washtenaw County. We are up 10% compared to January 2007. Even better news for home sellers is that the number of listings was down 13%. 

The homes with the best value, perceived by the buyers are still selling and selling first. For home sellers that can't walk into closing with money to help pay off their mortgages and must stay at a certain price it is a difficult situation as the homes that can be priced "below" market value are selling first.

January saw 146 homes close and that is 10.5% more than January 2007.  

Now for the bad news: Homes have declined in value by 18% making the average sales price $276,422. When I was first licensed 13 years ago, our average sale price was 289,900. That is 13 years ago!

Here are some graphs to show what is happening in the residential sales and listings in Washtenaw County. 

Residential Average List Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Average Sale Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Listings vs Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Looking for Residential homes in Ann Arbor or Washtenaw County begin your search here.  

 

 

 

 
This post has been included in Michigan Information Washtenaw County, 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

1 Comments on January Market Update for Ann Arbor and Washtenaw County

Great info Missy.  Amazing to see the home values decreased like that.

Hopefully once you start your spring thaw - the market will start to thaw out as well!

02/20/2008 08:07 PM by James Downing - REALTOR® - Washington DC Real Estate (Coldwell Banker Residential Brokerage)

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Real Estate Agent: Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)
Missy Caulk Ann Arbor Real Estate
Ann Arbor, MI
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Keller Williams Ann Arbor, Michigan

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