August 2008 Ann Arbor Home Sales Market Report

We've heard this song before. August 2008 Ann Arbor real estate market statistics as compared to August 2007 shows the following: Inventory Down 36%; Sales (in units) are down over 6%; and Average Sales price is down by almost 33%. Year To Date, Number of listings are down over 25%; Number of sales, in units, are flat; but over the first 8 months of 2008, the Average Sales Price continues to drop by 1.51% per month.

In my opinion, the key market indicator is the average sales price. The way I look at it, the average sales price needs to flatten out for a period of at least 90 days before we can declare the market as having hit bottom. We're not there yet.

Here are the latest statistics from the Ann Arbor Board of Realtors. These numbers are for Single Family Homes (SFH) Residential, and do not include condominiums:

SFH Listings in August 2007: 1,062
SFH Listings in August 2008: 677
Decrease: 36%

SFH Listings Y.T.D. 2007: 8,536
SFH Listings Y.T.D. 2008: 6,389
Decrease: 25.2%

SFH Sales August 2007: 365
SFH Sales August 2008: 343
Decrease: 6.1%

SFH Sales Y.T.D. 2007: 2,130
SFH Sales Y.T.D. 2008: 2,141
Increase: 0.005%

SFH Avg. Days on Market Aug. 2007: 74
SFH Avg. Days on Market Aug. 2008: 80

SFH Avg. Days on Market Y.T.D. 2007: 76
SFH Avg. Days on Market Y.T.D. 2008: 83

SFH Avg. Sales Price Aug 2007: $283,544
SFH Avg. Sales Price Aug 2008: $218,626
Decrease: 32.9%

SFH Avg. Sales Price Y.T.D. 2007: $254,988
SFH Avg. Sales Price Y.T.D. 2008: $224,287
Decrease: 12.1%