Ann Arbor Area Real Estate Statistics – July 2008

July 2008 has come and gone! The Fourth of July, hot dogs, hamburgers, hot days and cool evenings are all in full effect this summer.  August is here and the beginning of has shown us some regionally cooler weather than many of us have come to expect.  The good news, though, is that the Ann Arbor area real estate market appears to be heating up a bit.

From the Big House Data monthly summary:

The overall housing market in Washtenaw County is showing positive signs. While sales prices and list prices continue to fall county wide, the number of closings year to date are up and new listings are down. Also a good sign, the year to date monthly volume average is up!

While some of the good signs are not strong, they are positives!

Buyers in today’s Washtenaw County real estate market are seeing housing affordability levels not seen since the late 1990’s and early 2000’s. Coupled with decent mortgage rates and houses in Washtenaw are very attractive.

Sellers need to continue to price as though the market is still descending. With average sales prices down for every month this year, pricing below the most recent sale will help ensure the sale of your property. And don’t forget to make the property shine and cause buyers to pause.

So, decent news from the numbers.  Let’s continue to watch the Ann Arbor area real estate market stats move sideways or even improve in the next 6 to 12 months.

Average List Price – July 2008

The overall average list price in July was $223,329, down nearly 11% compared to July 2007. For the first seven months of 2008, the average list price is down nearly 7%.

Average Sales Price – July 2008

July saw an average sales price of $219,420, down 4.25% from July 2007. Compared to the first seven months of 2007, the average sales price is down nearly 10.5%.

Number of Listings v Closings – July 2008

With 843 new listings in July 2008, that represents a nearly 32% drop over July 2007. For the year, listings are down nearly 31% 359 closings in July 2008, down over 14.5% compared to July 2007. Year to date, compared to the same timeframe in 2007, the number of closings is up nearly 10%

There you have it!  Some signs of improvement in the Ann Arbor real estate market.  Slow and steady wins the race and these could be the first few slow and steady steps on the long road to recovery.

Need to purchase a home?  Start your search with Team366. 

Need to sell a property?  Check out how Team366 goes above and beyond in marketing your home for sale.