One of the advantages of being an Agent for Real Estate One, the largest real estate brokerage in the state of Michigan, is that we have access to sales data statewide. So rather than relying on statistics from Washtenaw County only, we can inform and educate our clients with a wider perspective.
That said, some newly published statistics bear out what we have suspected regarding real estate for sale in Ann Arbor, Michigan. That is: numbers are down, but are not as bad as certain other areas of the state.
Our corporate office has just published a Y.T.D. Market analysis based on four market indicators: Number of homes sold, Listings taken, Median selling price, and average chance of selling a home in 120 days, and the results of the analysis paint the follwing picture:
Throughout Southeast Michigan, the total number of homes sold in the period Jan. - Aug 2007 is down 6% from the same period in 2006. Livingston County has been hardest hit, with the number of sales down 15%. Overall, Washtenaw County is down 7%, which is very close to the area average. I read a report ysterday for the state of California, which indicated the staewide average down more than 24%.
For Listings Taken, the Southeast Michigan average is a PLUS 5% over the same period last year. Detroit has had the biggest spike, with an increase of listings of 32% over last year. Again, Washtenaw is trending right with the average at 5%.
The most concerning news is in the market indicator of Median Sales Price. The area average shows the median sales price DOWN by 13%. Here, Washtenaw fares better than average, with a median price down by just 2%. By comparison, median prices in Wayne County are down 22%, and prices in Detroit are down a whopping 57%.
An interesting new Market Indicator is the Average Chance of Selling (in 120 days). Other statistical indicators may label this as Months of Inventory. Anyway you look at it, the numbers have room for improvement. According to the analysis, throughout Southeast Michigan, the chances of selling a home within 120 days of putting it on the market is exactly 0%. Yes. Zero.
This ranges from a 7% chance in the Grosse Pointe area, to a -10% in Macomb County. Here in Washtenaw, we are slighltly ahead of the curve at a 1% chance of a home selling within the first 120 days on the market.
Where do we go from here? Hopefully up. People have to sell, and it is an excellent time to buy.