Homes are selling in Ann Arbor and Washtenaw County, but they absolutely MUST be priced right. When I say, "priced right", I am not referring to market value. I am talking below market value. Buyers want a deal, a bargin. The average sale price throughout Washtenaw County is down to $205,400. When  I started my journey in Real Estate the average sale price was $269,900.  This is down 11% compared to March of 2007.

Throughout Washtenaw County there is a 14.8 month supply of homes on the market. The $1 milllion dollar price range is the hardest hit with a 5.75 years worth of inventory. The $100,000 to $ 199,999 homes are the strongest in Ann Arbor with only 11.4 months of inventory. Homes under $200,000. in Ann Arbor use to sell with muliple offers in days not months for a comparison.

The number of closings did increase my 3% from March 2007 to March 2008. Now that the worst year in history for snow in Michigan is over, I expect that to increase the next few months.

The best news of all is that the listings are down by 42%, since the first quarter in 2007. This is mainly due to the number of homes that came on the market with Pfizer moving in the first quarter as they announced in January of 2007.