Ann Arbor Area Real Estate Update for Chelsea, Michigan: Inventory Shrinking

Before jumping into market data, click on picture for Chelsea, Michigan Tour.

As of September 30th, there were 162 active Chelsea homes down from 172 active homes for sale last month: ranging from 1 bedrooms to 6, 1 bathrooms to 7 and priced from $65,000 to $995,000. The average asking list price per square foot was $129.77 down from $137.41 last month. There have been 99 homes sold in Chelsea this year ranging in bedrooms from 1 to 5 and bathrooms from 1 to 6. The largest home sold was 3,800 square feet down to the smallest at 600 square feet. The average list price of the homes that sold in 2009 was $189,904 and the average sold price was $179,684. This represents an average annual sold price per square foot of $97.40. The sellers got an average of 94% of asking price this year. The Chelsea Real Estate Market from October 06 to September 09 is graphed below with the wide sold price swings displayed. September Chelsea sales data is represented by the Ann Arbor Area Board as dipping from last month shown by the yellow line below.

The chart below shows that there is about a 7 month supply of homes for sale in Chelsea, Michigan, so we are still in a buyers market and may be stabilizing unless we see a rash of foreclosure homes hit the market. The inventory under $200,000 is shrinking and we are seeing multiple offers. There is still an abundance of choice, low interest rates and great prices.

	JAN	FEB	MAR	APRIL	MAY	JUNE	JULY	AUG	SEP
Listings	174	115	148	161	177	148	169	172	162
Under Contract	7	5	8	14	12	16	18	9	8
Sales Past 12 Months	304	328	290	295	287	274	279	273	291
Absorption Rate/	25.3	27.3	24.2	24.6	23.9	22.8	23.3	22.8	24.3
Months Supply	6.9	4.2	6.1	6.5	7.4	6.5	7.3	7.6	6.7

Other charts below show the trends over the last 12 months. The first chart - Chelsea: Median Price (FS, Sold) shows home prices listed are up 7% and sold prices are down by 9% comparing September 08 to September 09 with trend lines showing a slight price increase over the last 12 months.

Chart 2 - Chelsea: Supply & Demand - # Units (FS, UC, Sold) below shows that units for sale from September 08 to September 09 are up 25% and sold units are down 9%. At least the number of active homes for sale is being reduced somewhat indicating we are on the way to stabilizing.

There is still an abundance of choice, low interest rates and great prices. If you know any one who is a first time home buyer looking to use the first time home buyer tax credit, time is running out to ensure closing by November 30th, 2009. Le us know you if are coming to our home buyer class this month: 734-845-6542.

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