Friday, May 21, 2010

Home Buyer Credit Expiration Sinks Mortgage Applications by 27% - Business - The Atlantic

Home Buyer Credit Expiration Sinks Mortgage Applications by 27% - Business - The Atlantic

Anyone who thought the housing market might be able to continue its positive trend without the home buyer credit got a swift dose of reality today. The Mortgage Bankers Association reported that mortgage applications for home purchases fell off a cliff, declining by 27% last week to a level not seen since May 1997. Clearly, the housing market is already missing the home buyer credit.

Please click the headline link for the full article.

Friday, May 7, 2010

April 2010 Ann Arbor Home Sales Market Report

Ann Arbor Real Estate sales trends continue to trend positively in April, and for the past six consecutive months. The number of listings are up by 10.4%, the number of sales in units are up by a 14.2%, and best of all, the average sales price is up 20% month over month up by 11.4% Year to Date (2010 vs. 2009).

FIRST: Listing inventory is up by 10.4%, from 663 Units in April 2009, to 732 Units in April 2010.

SECOND: In April 2010, sales in units, of single family homes were up by 14.2% over April 2009. This marks SIX consecutive months of year over year sales growth:

November 2009: Sales up by 32%
December 2009: Sales up by 6%
January 2010: Sales up by 7.8%
February 2010: Sales up by 23%
March 2010: Sales up by 22%.
April 2010: Sales up by 14.2%

THIRD: The average sales price for Single Family Homes continues to rise over the same time period last year. In March 2010, ASP was up by 7.7% over March 2009. In April, the Average Sales price over April 2009 was +20%.

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 Sales April 2009: 260
SFH Sales April 2010: 297
Increase: 14.2%

SFH Sales Y.T.D. 2009: 766
SFH Sales Y.T.D. 2010: 890
Increase: 16.1%

SFH Avg. Sales Price April 2009: $145,611
SFH Avg. Sales Price April 2010: $175,989
Increase: 20%

SFH Avg. Sales Price Y.T.D. 2009: $151,111
SFH Avg. Sales Price Y.T.D. 2010: $168,357
Increase: 11.4%