Tuesday, March 6, 2007

Market Conditions: Briar Hill Subdivision (Ann Arbor, MI)

Briar Hill is a Subdivision of 180 homes, and is located just south of the City of Ann Arbor, Michigan. It is just off of I-94 and Ann Arbor-Saline road, and is convenient to the city, expressway, and shopping. Briar Hill was built in four phases over about 13 years (1991-2004) Here is a snapshot of Briar Hill real estate:

Current Listings: There are nine homes presently on the market in Briar Hill, with six of the nine in the $400,000 - $450,000 Price Range. Outside of Briar Hill, but in the entire Ann Arbor area, there are 78 homes for sale in the $400,000 - $450,000 price range.

Recent Solds: In 2006, nine homes sold in Briar Hill with an average time on market of 10.25 months, and with a sales price averaging 88% of the original listing price. Compare to 2005, where seven Briar Hill homes sold, with an average 5.71 months on the market, and average sale at 94% of the original listing price.

Nationally, real estate sales in 2006 were down 21%, and locally, the number of sales were down 11%. Briar Hill was able to buck this national and local trend, with the number of sales actually up in 2006 vs. 2005, it is just that Briar Hill homes took longer to sell in 2006, and sellers sold their homes for significantly less in 2006 than 2005.

Bottom line, homes are selling in Briar Hill, it is just taking longer (for the sellers). For Buyers, Briar Hill is a tremendous value. The houses are well built, the schools are excellent, and it's location is convenient.

I am a walking testimonial for Briar Hill, as I am not only a Real Estate Agent who sells homes in Briar Hill, but we chose to purchase oue home in Briar Hill in 1998, when we relocated from Chicago to Ann Arbor. If you have questions or futher interest in Briar Hill, please feel free to comment or contact me.

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