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.

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