Wow, for 2 straight months now, the amount of homes listed in Washtenaw County, including Ann Arbor, MI has declined. That is great news. The Pfizer homes that are listed are selling first. Why? As I have posted for months now, they had the benefit of a "loss on sale" clause. So those sellers could price their homes the lowest in the subdivision and those homes are selling the fastest.
Case in point, I closed on a home purchased my Pfizer employees for 512,000 in Sept 2006, and my buyers were able to get the home for 425,000.
The average list price for July, for all the homes in Washtenaw County was $270,870, up 1% from July of 2006. This includes data for Saline, Dexter, Chelsea, Milan, Whitmore Lake and Ypsilanti, MI. More great news !!
The average sales price for homes in Washtenaw County was $264,404. in July. That is up over 1.5% compared to July 2006. More great news !!
This last chart is the number of listings to sales. We added another 2.95 months to the inventory. However, at this point this data does not weed out the re-listings for a new MLS number or the sellers changing agents.
So although not a glowing report, an improving report. I've got my fingers crossed. We can not control the market, but we can and must work in it.
Market data compiled from the Ann Arbor Board of Realtors data, and the hard work of Big House Data, LLC.
To search for all homes in Washtenaw County, this is the best site. NOW is a great time to buy, who knows with the fallout our of sub-prime lending and stated loans what is going to happen. So take advantage of the current market conditions.
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Buying or selling a home in Ann Arbor? (or anywhere in Washtenaw County) our goal is to help you with the best resources available. TEAM approach with 6 Buyer Agents 734-216-2822 Missy@MissyCaulk.com
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Missy,
Guaranteed purchase buy-back. Haven't heard anything like that for a very long time. And yes, I agree it does appear things are improving in your marketplace.
Lynda, yes they are improving, June and July were awesome. Thanks for the comment.
Missy. Great reminder of some buyers I had some years ago who were transferred by Schlumberge. Most of them purchased in Howard County and, while the homes in Howard County have been a good investment, that "loss on sale" clause gave me the ability to show them homes in good price ranges when they purchased.
The "loss on sale" clause is one of the best employee benefits I've ever witnessed.
Lenn, it is great for the employees, but when you have as many moving to Conn. as we did it hurt the overall market bringing prices further down. But, you are absolutley right it is a field day for the buyers.
Missy (Widggy), It is interesting that people think that the market is dropping, but your list prices are higher this year by 1% than last year!!! Great market report for Ann Arbor.
Mana, hey we got to get the spelling right on Widggy. I'll do with the double gg. Yes, we some light at the end of the tunnel. Hallelujah.
Missy - Glad to hear people are not putting their homes on the market when there is already so much on the market. The smart thing is to get all the pfizer houses sold.
Missy, very interesting stats for Washentaw County. Looks like inventory is going down.
Good news for Ann Arbor and Washtenaw county! Let's hope the trend continues.
Great news for the Ann Arbor Real Estate market. Missy, I just love your graphs. i went to your resource to see if I could get them here - not a chance! :(
Missy,
You may not be able to control the market but you certainly have a good understanding of the Ann Arbor market!
Woo Hoo. Good news for you.
I love the graphs you include here.... great news that the inventory is starting to slow down
Missy, I can't tell you how happy I am to see that not only does the market in your area appear to be stabilizing, but it surely appears to be strengthening!
Jennifer, yes I am so happy the listings have slowed down too. Finally !!
Stephanie, slowly but surely. Let's hope it keeps up !
Joanne, ditto.
Paula, yes Todd does an excellent job in analyzing and putting this together.
Rita, you know your market in Sanford as much as I do. It is so important to understand trends in pricing, sales and inventory. Thanks for stopping by.
Fran, :) thanks
Thesa, thank you, but I can't take credit for creating them. It is all done by Big House Data, LLC. My sellers love them too.
Kris, how is McComb County doing ?
Missy: As today is the 15th of the month I'm going to be analyzing the market in Macomb County again tomorrow morning. It's something I used to do on a monthly basis, but I find it even more pertinent to do so on a bi-montly basis now. I'll let you know tomorrow!
Missy - Great update on the Ann Arbor Real Estate Market - glad to see it was favorable fo average prices - especially with the Pfizer challenge
Interesting stat's and a great spin on things. The reality, prices are not bottoming out! NAR's projection next year as sales will slow but prices will not continue to drop! The market is stabilizing......Great post.
Midori, I think they are bottoming out in Ann Arbor, but we have been in a buyers market in Michigan since summer 2001 and other parts of the country weren't. We'll see what happens in the fall up here.
Good to see things are seeming to level off in Ann Arbor. I know it's been a tough market over there as in most of Michigan. The loss on sale clause has really been a bonus for the community.
Lola, if you sell a Pfizer home, yes it is a bonus,lots of buyers are able to purchase homes for a ton less.
Overall, it has hurt the other homeowners who can't afford to sell their homes for that much less. It remains to be seen how much it effects future appraisals. But, I'll be glad when the Pfizer homes are gone.
Are you all picking up any? June and July were great months. August is steady and a few closings on the books for Sept.
Good news!
Missy - great market reports and the graphs are excellent - I am glad there is positive change in your market, we are seen some positive changes here as well.....and no matter what everyone thinks, It's A GREAT THING!
Ann, thanks for stopping by.
Ines, glad Miami is improving too. Do you like your RSS Pieces blog ?
Missy - My area in Miami of single-family homes is also improving (at a very slow pace, but yes). And I love my RSS Pieces blog and it's only getting better.
Thanks it is on my list to get one before years end.
This is encouraging for home buyers in Ann Arbor - nice job doing your homework, Missy!
I love your reports! Very informative and with the increase in list price by 1% it's also encouraging!!
Karen thanks. It is great for the buyers !!
Susie, yes a little light at the end of the tunnel.