Ann Arbor November 2008 Real Estate Statistics
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.
November Ann Arbor real estate statistics:
- Total residential listings: 438
- Total residential sales: 202
- Total Condo listings: 93
- Total Condo Sales: 25
- Total residential sales volume: $37,115,065
- Total condo sales volume: $3,830,354
- Average RES List Price: $193,772
- Average RES Sales Price: $183,738
- % Sold above list price: 7%
- % Sold at list price: 19%
- YTD Average RES list price: $226,214
- YTD Average RES Sales price: $214,156
The National Association of Realtors reports that markets remain uneven around the country but some areas are beginning to show healthy gains in pending home sales. Those areas include: Florida, California, Providence RI, Lansing MI, Oklahoma City and Las Vegas.
According to Chief Economist for NAR, Lawrence Yun,
“Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year. We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent up demand, and access to safe, affordable mortgages will bring more buyers into the market”.
Please see the attached Ann Arbor MLS Sales Report for November 2008 with comparisons to 2007 numbers.
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