Ann Arbor Real Estate Fares Best in Washtenaw County
Although 2008 has shaped up to be the toughest year for Ann Arbor real estate in the last ten, the area has suffered less than others in Washtenaw County according to year-end Michigan real estate statistics.
In Ann Arbor the average sales price fell 15.5% down to $211,342 which is the lowest average price since 1999. The number of sales however remained flat rising by 20 units from 07 to 08. When compared by school district, the Ann Arbor stats look tame. For instance in the Ypsilanti and Lincoln consolidated districts, sales prices declined 47.7% and 32.1% respectively from 07 to 08. The Ann Arbor district only reports a 7.9% decrease overall. Some believe this is due to the protective net of the University of Michigan on the City of Ann Arbor.
While 2009 will probably be a short sale driven market in Ann Arbor, it’s likely that mid range homes will continue to move in and around the city while million dollar homes may experience stagnation or a continuance in price declines. However, homes in neighborhoods such as Burns Park and Old West Side have continued to do surprisingly well thanks to proximity and character.
Overall dollar volume dropped from $766.4 million to $651.3 million in 2008. The last time volume was below the $700 million mark was in 1999. Foreclosures and generally the national recession have been a large contributing factor to the low area prices.
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May 25th, 2009 at 11:21 PM
[...] Ann Arbor Real Estate really is weathering the storm much better than many other parts of the country and offers many buyers a great opportunity to pick up a great home at a fabulous price. [...]