Ann Arbor Area Real Estate Statistics – April 2008

The Ann Arbor real estate market is moving fast!  Here it is Memorial Day weekend, and Team366 is just now getting around to posting the April 2008 Housing statistics.

An aside to anyone looking for a home in today’s market:

  • Get pre-qualified before you start looking at homes.  It’s terrible to get beaten out on your dream home by someone else that was better prepared.
  • Since sellers have gotten much more realistic on price, be prepared to come close to their asking price.  If that 2,500 square foot house is on the market at $240,000 or less, move fast and recognize the value in the price per square footage alone.
  • Make sure you have an exclusive buyer’s agency agreement with an agent.  That way, your interests are represented appropriately and without conflict.

To the Ann Arbor housing statistics!

Average List Price – April 2008

Ann Arbor Area Average List Price - April 2008

Average list price for April was $258,017, down over 2% from April 2007.  For the first four months of 2008, the average list price was down nearly 6.5%, compared to the first four months of 2007.  To date, the average list price in Washtenaw County was $249,054.

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Average Sales Price – April 2008

Ann Arbor Area Average Sales Price - April 2008The average sales price in Washtenaw County was $203,798 in April.  This is down over 13.5% compared to April 2007.  For the first four months, the average sales price was down 11.3% to $205,880.

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Number of Listings vs Sales – April 2008

The number of closings in April was 230, over 78% more than in April 2007.  Year to date, closings are up nearly 16% compared to the same time last year.

The number of listings coming onto the market in April was 934.  This is a nearly 41% decrease compared to April 2007.  Year to date, the number of new listings is down over 35%, compared to the same time last year.

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Todd Waller Real Estate
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