Periodically, I post a real estate market snapshot for selected neighborhoods in Ann Arbor, Michigan. Today's snapshot is for the Burns Park neighborhood. Burns Park is one of the oldest and most desirable neighborhoods in the area. It is just south and slightly east of the main campus of the University of Michigan. It is home to a large number of student rentals, and several professors and other staff of the University.
The sales statistics for this neighborhood fall pretty close to the overall statistics that I publish each month. As detailed below, in the last year, the average sales price is dropping at about 1.2% per month, which is slightly better than the area average. Here is a bit more detail from a report I ran yesterday from numbers provides by the Ann Arbor Board of Realtors.
Burns Park Home Sales: 2007 - 2008 Comparison Jan 1 - September 23 Totals:
Number of Sales (Units) 2007 YTD: 45
Number of Sales (Units) 2008 YTD: 40
Decrease: 12%
Average List Price YTD 2007: $476,422
Average List Price YTD 2008: $441,713
Decrease: 7.3%
Average Sales Price YTD 2007: $448,612
Average Sales Price YTD 2008: $400,784
Decrease: 10.7%
Sales Price Per Square Foot YTD 2007: $214.84
Sales Price Per Square Foot YTD 2008: $198.80
Decrease: 7.5%
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