Ann Arbor Real Estate Statistics – November 2008
From Big House Data:
Broken record time: Price and Quality sell properties! Time and again, if you’ve got a great price on your property and awesome quality, the property will sell. Many would be sellers have gotten part of this message and that fact is reflected in the nearly one-third drop in new listings this year.
Coupled with the decrease in listings, is the increase in closings for the year. That’s right, there have been more properties sold in 2008 than were sold in 2007! With the average sales price where it is, this is high time for first time homebuyers, and they are the ones, anecdotally, buying homes in greater numbers.
The key to any successful sale in this market includes two keys: price and quality. If you’ve got great quality and the best price in comparison to your competition, you will be the next sale in your market. Pfizer taught us this in early 2007 and the lesson still applies.
On to the charts:
Average List Price – Month 2008
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The overall average list price in November was $207,612, down over 4% compared to November 2007. Year to date the average list price is down nearly 7.5%. |
Average Sales Price – Month 2008
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November saw an average sales price of $181,949, down nearly 13.25% from November 2007. Year to date the average sales price is down over 10.5%. |
Number of Listings v Closings – Month 2008
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Listings: With 389 new listings in November 2008, that represents an over 40.5% drop over November 2007. For the year, listings are down over 29%.
Closings: 175 closings in November 2008, down over 22.5% compared to November 2007. Year to date, compared to the same time frame in 2007, the number of closings is up nearly 4%.
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