The monthly report on the Ann Arbor Housing Market
It’s the second week of August so that means it’s housing stats time!
From the Big House Data Executive Summary:
Overall, the thin silver lining is that the pace of listings coming onto the market has slowed down. Sales prices, number of closings and monthly volumes continue to decline, giving the impression that no properties are selling at all. There is brisk movement among properties that appear to be priced at their 2001 price points.
Average List Price
List price continues its downward trend. This is a direct correlation to the amount of properties currently on the market. Econ 101 taught us about the law of supply and demand. Falling list prices mean that sellers have taken the second class of Econ 101 and learned that the market drives toward equilibrium by forcing price downward as inventory increases.
Average Sales price
Average sales price, however, shows that its rate of decline has slowed, and even crossed the average list price threshold! This could be an indication that the market is beginning to stabilize itself. When properties sell for more than the average list price, it indicates a level of activity we’ve not seen in this market for quite some time!
Number of closings v number of listings
This chart shows the continued gap between the number of listings and the number of closings per month for the last 36 months. It is dramatic to see the gap widen recently. While listings per month have increased, sales per month have remained relatively stable, to declining slightly.
As ever, should you like a copy of the full report, Team366 will be happy to add you to our monthly stats email list. Drop us a note at info-at-team366[dot]com.