Real Estate Sales: First Quarter 2008

When the headline of the National Association of Realtors First Quarter Press Release says: “No Bottom Yet” there’s not much else to say. Here is a snapshot of real estate nationally and locally based on the most recent reports:

Nationally: The March sales rate for resale homes dropped 19.3 percent and the median resale home price fell 7.7 percent compared to March of 2007. The NAR Report does not provide actual unit sales, but does their calculations based on a revolving 12 month seasonally adjusted average.

State of Michigan: First Quarter 2008:
Number of Units Sold: 20,759; Down 3.42% from 2007
Average Sales Price: $118,779; Down 11.63% from 2007

5 County Metro Detroit Area: First Quarter 2008:
Number of Units Sold: 9238; Up 7.3% from 2007*
Average Sales Price: $92,968; Down 29.3% from 2007

(*Anomaly was Detroit city, with an increase in unit sales of 41% and a decrease in average sales price of over 66%, down to an average sales price of $10,000)

Ann Arbor Area: First Quarter 2008:
Number of Units Sold: 673; Down 9.18% from 2007
Average Sales Price (Single Family Homes): $216,488; Down 2.01%
Average Sales Price (SFH + Condos): $175,000; Down 11.4%