Real estate agents complain that the newspapers only print bad news about the market. Well the fact is that recently, that is all there has been. We're happy to note a dramatic POSITVE trend in the market during the month of May that we hope is a sign of a strong market turnaround. Number of listings are down, and number of sales are up by over 25% May 2007 - May 2008, and number of sales Year to Date are up over 16% in 2008.
Here's the latest snapshot from the Ann Arbor Board of Realtors. These statistics are for Single Family Homes (SFH) Residential, and do not include condominiums:
SFH Listings in May 2007: 1,368
SFH Listings in May 2008: 886
Decrease: 35%
SFH Listings Y.T.D. 2007: 5,313
SFH Listings Y.T.D. 2008: 4,118
Decrease: 22.5%
SFH Sales May 2007: 242
SFH Sales May 2008: 303
Increase: 25.2%
SFH Sales Y.T.D. 2007: 1,003
SFH Sales Y.T.D. 2008: 1,074
Increase: 16.2%
SFH Avg. Days on Market May 2007: 80
SFH Avg. Days on Market May 2008: 86
SFH Avg. Days on Market Y.T.D. 2007: 86
SFH Avg. Days on Market Y.T.D. 2008: 88
SFH Avg. Sales Price May 2007: $244,404
SFH Avg. Sales Price May 2008: $217,849
Decrease: 10.9%
SFH Avg. Sales Price Y.T.D. 2007: $239,028
SFH Avg. Sales Price Y.T.D. 2008: $216,882
Decrease: 9.3%
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