What Is Happening In The Ann Arbor, MI Condo Market?
Kathy Toth of Keller Williams Realty presents:
November 2008
This month’s edition covers Ann Arbor real estate market activity and then we discuss four proven strategies for getting the most out of today’s market!
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This data is from the Ann Arbor Area Board of Realtors
- Unit sales were up 31% over last year.
- Median sales price is down almost 16% from Oct 07 vs. 08 or an average drop of 1.06% per month.
Condo and residential sales always drop because of seasonality at this time of the year.
To search all condos, click here.
Condo Listings in October : Decrease: 13.7%
October 2007: 169
October 2008: 146
Condo Listings Year To Date : Decrease: 17.6%
Y.T.D. 2007: 2,421
Y.T.D. 2008: 1,753
Condo Sales in October : Increase: 31%
October 2007: 42
October 2008: 55
Condo Sales Year To Date : Decrease: 7.4%
Y.T.D. 2007: 574
Y.T.D. 2008: 532
Condo Average Days on Market October
October 2007: 90
October 2008: 115
Condo Average Days on Market Year To Date
Y.T.D. 2007: 86
Y.T.D. 2008: 165
Condos are taking much longer to sell this year
Condo Median Sales Price October : Decrease: 15.9%
October 2007: $160,500
October 2008: $135,000
Condo Median Sales Price Year To Date : Decrease: 10.6%
Y.T.D. 2007: $159,000
Y.T.D. 2008: $142,250
Condos prices have dropped
The data above reflects the sales of foreclosures and short sales bringing down prices. To see different pockets and neighborhood data, CONTACT US for specifics and Ann Arbor micro market knowledge.
We have the resources to give you THE advantage. Call our Ann Arbor Buyers Agents to discuss further and then look at our Frequently Asked Questions. Waiting on the sidelines may cost if rates go up.
Check out residential historical graphs of Ann Arbor, Washtenaw, average prices and days on market.
Look at the full report from the Ann Arbor Area Board of Realtors.
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In spite of all the doom and gloom you may be hearing we are still helping families move and we are here to take care of you and your friends Info@KathyToth.com
Related Links
See Some Condos That Are Currently Available In The Ann Arbor Area
There are some great Condos out there right now, some just on the market!
573 Liberty Pointe Drive | Click here
Ashley Terrace Condos | Click here
Liberty Lofts Condos | Click here
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Click here to search all Ann Arbor area Michigan homes
and condos with pictures and tours – FREE!
What I want to know from buyers, is what kind of content do you like?
We invite you to comment.
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December 14th, 2008 at 1:20 PM
[...] The Ann Arbor Area Board of Realtors just released real estate market statistics for the month of November. The number of housing units sold this month declined slightly in comparison to 2007, however the number of pending sales show an increase over last years numbers for the fifth month in a row. Foreclosures and short sales continue to affect the average residential sales prices bringing them down a bit. At the same time, November showed an increase in residential sales prices generally in Chelsea and Dexter as well as an increase in the sales prices of Ann Arbor condos. [...]