The Ann Arbor Real Estate Market Update
The Ann Arbor Real Estate Market as of the end of April 09 is following the seasonal trend you would expect. However, the inventory was stabilizing, actually down slightly as shown in the graph below. But sales are down as well. Refer to chart below.
In April 08 units for sale were 871 vs. 813 in April 09. Units sold were in April 08 73 vs. 62 in April 09. See chart below.
The key to the market is in this next graph. The median price for sale is about the same, but sold median price is down 27 percent in the last year.
Market dynamics continue to unfold this year. We all hope to see the bottom soon. The Ann Arbor Board of Realtors reported declines for Washtenaw County in table below.
Ann Arbor Board or Realtors year to date prices went from $217,631 in 08 down to $151,111 in 09. This price pressure is coming from continued foreclosure and short sale deals.
The Michigan Association of Realtors reported a decline for the state in prices of 27% year to date in 09 vs. 08. For a look at the Michigan Association of Realtors statistics for April 2009 click here.
Saline actually saw some price increases recently. There are some hopeful stats nationally being reported by the National Association of Realtors, with increased pending sales too.
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Kathy Toth & Team: Ann Arbor Area Real Estate Experts
Keller Williams Realty
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June 2nd, 2009 at 11:06 AM
[...] month’s edition covers Ann Arbor real estate market activity and then we’ll answer questions that buyers and sellers face with changing property tax [...]