Ann Arbor Area Real Estate Statistics – June 2008

2008 is officially half done!  The Fourth of July is behind us, the Olympics are just around the corner and we are all anxious to learn about the housing market thus far in Washtenaw County.  The Short story:  Sales Prices Down, number of Closings Up, number of New Listings Down, and Overall Volume of closings is Up.

From the Big House Data Executive Summary:

The Washtenaw County Housing Market is showing signs of health. The first half of 2008 is officially over and the numbers aren’t bad! The number of closings for 2008 year to date are up, compared to the first half of 2007. The number of listings are down, compared to the first half of 2007. This is a great indicator that purchasers are seeing value in the market and are depleting the inventory of available homes. Also encouraging is that the year to date closed volume is up, compared to the first half of 2007.

The mantra continues for sellers: price your property LOWER than the most recent comparable sale, and make your property gorgeous. BHD has heard of deals where there were multiple offers, and offers over list price!

For buyers: get your pre-qualification prior to hitting the streets. Get your financial house in order and be ready to move quickly when the perfect property comes on the market. You are not the only ones who see this as a great time to purchase a home.

On to the Stats!

Average List Price – June 2008

The overall average list price in June was $245,794, down over 4% compared to June 2007.  Year to date, the average list price is down over 6%, compared to the first six months of 2007

Average Sales Price – June 2008

May saw an average sales price of $195,886, down nearly 16% from June 2007.  Compared to the same time frame last year, the average sales price is down nearly 11.5%.

Number of Listings v Closings – June 2008

410 closings in June 2008, up nearly 4% compared to June 2007. Year to date, compared to the same timeframe in 2007, the number of closings is up nearly 17.5%. With 939 new listings in June 2008, that represents a nearly 27% drop over June 2007. For the year, listings are down nearly 31%.

Give Team366 a call to learn more about our Listing Syndication System (LSS).  Our LSS generates scads of Google indexed links about your property.  In most cases we generate between 450 and 1,000 links.  There is nothing more crucial to the sale of your Ann Arbor Area Home than an excellent market system!

Call us at 734.476.1343 or drop us an email at: info-at-team366-dot-com.