The Chelsea Real Estate Market Update by www.KathyToth.com
Average Sold Price in Chelsea, Michigan Declined
Currently there are 160 homes for sale ranging in price from $1,125,000 to $40,000. There are 10 homes listed over $500,000 for the luxury Chelsea homes and Chelsea Real Estate market, up from 9 last month. On the other end there are 4 homes listed under $100,000. For any information on these active homes, be sure to ask us.
The Average sold price in Chelsea declined last month. Chelsea sold homes data is as follows:
Month Units Ave Sold Price Ave Price/SqFt DOM*
Jan 108 $130,875 $73.83 45
Feb 8 $177,688 $83.19 19
Mar 7 $185,512 $90.11 88
April 8 $137,375 $87.58 45
The average list price to sale price for April was 86.33 percent without concessions. Total concessions for this month were $18,000. The median sold price for April was $124,000.
When the gap between the list prices and the sold prices narrows, (supply and demand) the market will be more stable. Our buyer agents have several Chelsea homes under contract, awaiting closing. We have several more buyers looking for Chelsea homes right now. The $8,000 first time home buyer tax credit is allowing more buyers to enter in the market. We are seeing multiple offers on properties.
Regarding absorption, see chart below:
|
JAN |
FEB |
MAR |
APRIL |
|||
|
|
|
|
Chelsea |
|
||
|
Listings |
174 |
115 |
148 |
161 |
||
|
Under Contract |
7 |
5 |
8 |
14 |
||
|
Sales Past 12 Months |
171 |
123 |
110 |
99 |
||
|
Absorption Rate/Sales/12Mo |
14.25 |
10.25 |
9.17 |
8.25 |
||
|
Months Supply #List/Absorp |
12.21 |
11.22 |
16.15 |
19.52 |
||
We have gone from one year supply of homes in Jan 09′ to over 1.5 years of supply. If no other homes came on the market, it would take 19.52 months to sell all of the homes; this is the current absorption rate. Compare this to an absorption rate of 9.8 months in Ann Arbor, MI.
For more information on what is happening with Washteanw County homes for sale or sold in Chelsea, MI. please call us 734-426-6669.
*Days on market may be understated because it starts at day zero when it is listed as a new listing with new agent. The Ann Arbor Area Board Sales price does not consider concessions.
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Kathy Toth and Team
Keller Williams Realty
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