Ann Arbor Area Real Estate Update for Chelsea, Michigan

Chelsea, Michigan Real Estate Statistics

Click on picture for Chelsea, Michigan Tour.

As of January 31, there were 146 active Chelsea homes for sale: ranging from 1 bedroom to 6, 1 bath to 7 and prices from $45,000 to $950,000. The average asking list price per square feet was up to $124.94 and average asking price is $248,180. If you want Chelsea properties or Ann Arbor properties click either.

There have been 105 homes sold in Chelsea in the last 12 months ranging in bedrooms from 1 to 6 and baths from 1 to 6 bedrooms. The largest home sold is 4,725 square feet down to the smallest at 600 square feet.

The average list price of the homes that sold in the last 12 months $183,762 and the average sold price was $176,376. This represents an average sold price per square feet of $99.68 last month. The sellers got an average of 97% of asking price these last 12 months.  The Chelsea Real Estate Market average sold price per square foot is graphed below courtesy of Affinity Valuations Group, LLC.  The average sale price per square foot has trended up but remains under $100.00 per square foot.

The chart below shows there is about 12 month supply of homes for sale in Chelsea, Michigan, so we are still in a buyers market and may be stabilizing unless we see a rash of foreclosure homes hit the market. The inventory under $200,000 is shrinking and we are seeing multiple offers. There is still an abundance of choice, low interest rates and great prices. There are 11.6 months of supply.

Other charts below show the trends over the last 12 months. The first chart – Chelsea: Median Price (FS, Sold) shows home asking prices are down 16% and sold prices are up 92% comparing January 09 to January 10 with trend lines showing slight increasing sold prices over the last 12 months.

Chart 2 Chelsea: Supply & Demand – # Units (FS, Sold) below shows units for sale from January 09 to January 10 are down 4% and sold units up 11%. At least the number of active homes for sale was down slightly indicating we are on the way to stabilizing.  To be one of the homes picked, keep in mind this is a price war and a beauty contest. Consult with your agent about making your home stand out. Ask about staging your Chelsea home.

There is still an abundance of choice, low interest rates and great prices. If you know any one who is a first time home buyer looking to use the home buyer tax credit, updates are posted. Let us know if you are coming to our next home buyer round table/seminar this month: 734-845-6542. If you want to glimpse our Ann Arbor Area videos, click here. If you want a bank owned home, call us. Banks hire us to sell these homes and we know about these Ann Arbor Area foreclosures long before they are ready to come on the market.

Want to know what your Ann Arbor Area home is worth?

What is happening with the absorption rates for the Chelsea Real Estate market? Homes in Chelsea have gone from about 12 months of supply in January to 14 months in June. If no other Chelsea residential homes were put on the market, it would take 14 months to sell these homes.

Chelsea Real Estate Market Data from 2006 to 2009 is graphed below: 

Note the downward trend of Average Sale and Asking Prices in yellow and green respectively. See how the units sold have remained flat. The number of new listings have declined slightly.

Click here to find out more about Chelsea and to search for homes in Chelsea. We are selling homes here and in fact listed a home in Chelsea Ridge and got multiple offers.  I have posted sold Chelsea, Michigan homes.

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:

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.

Click here to search all Ann Arbor area Michigan homes
and condos with pictures and tours – FREE!

Kathy Toth and Team

www.KathyToth.com

Keller Williams Realty

The White Oak Inn is located at Chelsea Community Hospital and serves as a home-away-from-home while you or a family member is in the hospital. Ten guest rooms are equipped with two twin beds, a queen-sized bed or a single bed with trundle, a private bath, cable TV, and a telephone with voice mail. We explore the inside including the kitchen in the Chelsea Oak Inn video.  Drug store, grocery and hospital are within walking distance.  Chelsea Community Hospital’s Health & Wellness Center is a 46,000 square foot facility, which features fitness instruction, classes and equipment, including a lap pool, workout equipment, and cardiovascular classes and equipment. Guest passes for the Wellness Center are available to guests. For reservations call (734) 475-4181.  No smoking and pets.

I was there for a nutritional cooking class held in the main media room.  The person touring us through this facility is Sarah with community and senior health.  Chelsea Community hospital is well known for community involvement.  They have been purchased by parent Trinity Health organization and will merge with St Joseph Mercy Health System in 2009.  I feel that this is a very inviting private setting,  perfect for being close to the hospital and sick loved ones.

For more information on the Chelsea schools and wonderful Chelsea Community take a look, and view some of our videos.  We are here to share our Ann Arbor real estate resources, Chelsea city information and welcome you to our area or help find your Ann Arbor area dream home.

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The Chelsea Community Foundation recently donated $25,000 to help fund the creation of a new lifeline service offered by The Western Washtenaw Area Value Express (WAVE).  The Lifeline Service Van Program will offer rides by appointment to services outside of Western Washtenaw County such as medical, human-service, employment agencies, grocery stores, and enrichment activities.  For instance a Chelsea resident may be brought to St. Joseph Mercy Hospital for dialysis.  This is the first service of it’s kind.  Riders would likely be charged a fee for the ride – $10-$15 for seniors and those with disabilities and perhaps double for others.  The $25,000 grant will provide for one year of service during an initial evaluation period. 

WAVE currently provides a same day, door to door van service for rides within Western Washtenaw County for seniors and disabled people.  They also operate a bus service between Chelsea and Ann Arbor.  The community believes the new service for rides outside the Western part of the county will be just as important.  The WAVE board will evaluate and decide next year.  Stay tuned!

The Purple Rose Theatre was alive last night with a Jeff Daniels tradition.  He plays his original songs on guitar. This year he invited his daughter, son Ben, and wife Kathleen on stage to participate.  Since many of the songs are written from real life events, their participation was very special.  Jeff said he wept openly when Ben Daniels declared he wanted to be a musician.  Ben’s song “Fake Your Smile,” performed as a duo with his dad Jeff, was quite good.

My favorite replay this year was “The RV Song.” A couple new ones to me were ”Happy Birthday to Kathleen” and “Tiny Shoes.”  Again, the personalization is hard to imagine but understanding the song’s birth is part of what makes the experience so special.  Apparently, the kids had friends over to change clothes for a prom and friend Billy Hayes’ shoes ended up in Jeff’s closet and then his suitcase.  So for a black tie awards affair on the red carpet in Spain, out came Billy’s size 9.5 shoes to be worn in concert with the tux they brought for the special occasion.  Jeff wears a size 12 shoe so he stuffed his poor feet into the tiny shoes and walked on stage to receive the award.

The proceeds from 11 Holiday performances are donated back to the Purple Rose. CD’s are available in the lobby at $20 non-autographed and $30.00 with autographs.  For tickets, call (734) 433-ROSE.