November Housing Stats | Ann Arbor, Michigan Area

A little late this month, but here are the stats!

From the Big House Data Executive Summary:

The month of November 2007 has shown that price moves property.  The average list price in November drops, and the closings for November increased.  What also moves property is quality.   As regular readers will know, Big House Data has had a price and quality mantra for a long time.  Price will cause the buyer to come through your property; the outstanding quality of your property will cause them to get “stuck” on your home.  The convergence of price and quality is where your property will sell. Traditionally seen as a slow time in real estate, anecdotally, property and buyers are moving right now.  Buyers in this winter market are motivated, as “no one likes to move in the winter!”

Average List Price – November 2007

The average list price of residential property (Condos and Homes) in Washtenaw County in November 2007, was $251,258.

Average Sales Price – November 2007

The average sales price of property in Washtenaw County in November 2007, was $209,721.  That is down over 14% from November 2006.

Number of Listings v. Number of Closings – November 2007

Their were 654 listings & 226 closings in November 2007.  This represents over 2.75 months of inventory added to the market in November.  For the year, closings are down 9% and listings are down over 24% compared to November of 2006.