Everyone wants to know when the market will hit bottom. When driving a car on a long trip and the kids ask, “Mom, are we there yet?” repeatedly, parents may say, We will get there when we get there! We are monitoring the data to guide our Ann Arbor area home sllers and buyers. We know that market knowledge is one of the things that clients rely on to get such great results. So here is a brief insight into Ann Arbor residential data. The chart below tracks months supply from data from the Ann Arbor Board of Realtors. Month’s supply of Ann Arbor homes has changed from 6 months in January to 9 months in June. As long as the supply is greater than 6 months, it is still a buyer’s market.
| JAN | FEB | MAR | APRIL | MAY | JUNE | |
| ANN ARBOR | ||||||
| Listings | 607 | 764 | 823 | 807 | 830 | 770 |
| Under Contract | 77 | 98 | 124 | 191 | 218 | 186 |
| Sales Past 12 Months | 1085 | 1222 | 1206 | 987 | 976 | 944 |
| Absorption Rate | 90.42 | 101.8 | 100.5 | 82.3 | 81.33 | 78.7 |
| Months Supply | 6.71 | 7.5 | 8.2 | 9.8 | 10.20 | 9.8 |
The homes under $200k have less than 8 months supply, spurred on by the First Time Home Buyer Credit.
I pulled the sold chart for area 81 which covers Wines, Forsythe, Skyline Schools. Click for videos, calendars, web sites and searchable school data base, on Washtenaw Schools. See chart.
Ann Arbor Realtor Explains Market
There are volatile sold price swings and a slight increase in the number of Ann Arbor area sold homes.
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Actuly, last month, the number of new units went down and the sold units went up – almost touching (red and blue lines) which is a positive sign towards stablizing. As I have said previously, when those lines meet, the market will have a sing that is is begining to stablize. The spread between asking prices and sold prices also has to narrow. Alas, that part is still showing a buyers market.
I am still finding that homes priced close to market are selling like the home at 3096 Huron River Drive. Click if you are looking to find out what your Ann Arbor home is worth, or if you want to know more about Ann Arbor Real Estate.
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Kathy Toth & Team: Ann Arbor Area Real Estate Experts
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