Although Average Home Prices Hit a Low in Washtenaw County, Market Activity is Looking Up
Things are definately tough in the Ann Arbor real estate market, however despite the gloomy comparative sales numbers the market seems to be picking up. Recent reports show that the average home price in the Ann Arbor area has hit an eight year low decreasing from $267,505 to $223,082. This is of course good news for first-time homebuyers and not such great news for those who have purchased homes in the last few years. Yet, recent figures released by the Ann Arbor Board of Realtors suggest the local real estate market may be making a slow turn around – sales of Ann Arbor single family homes and condos were up for the first six months of 2008 as compared to 2007. Yes, there are lots of foreclosures in those numbers (1,498 ytd as compared to 985 a year ago), but still the sales numbers in total are up 3.1% as compared to last year. Movement in sales didn’t really occur until a boost in May and June of this year. Buyer confidence is increasing – they are generally more willing to move forward on transactions.
Kathy Toth, whose Ann Arbor real estate sales activity has been healthy, recently gave an interview for local news hotspot mlive.com:
“The prettiest girls on the dance floor are being chosen to dance,” said Kathy Toth, an agent with Keller Williams Realty. “I believe from selling 18 (homes) last month that the best deals are the things that are selling. The properties that are priced higher than they should be will remain on the market until the gap narrows – the gap being the seller’s expectations and the marketplace value.”
Market fluctuations are inevitable – this market looks like it may be making a slow comeback but likely, affected investors will have to ride the wave out for awhile. In the meantime, first-time homebuyers and new investors will continue to drive demand and help to achieve long term stability and a return to health.
Ann Arbor MLS Sales Report (June 07/June 08 Comparison)
Search all listings in Michigan with pictures and tours…Free!
Kathy Toth & Team: Ann Arbor Area Real Estate Experts
Keller Williams Realty
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