So 2008 is finally closed and the books are being written on what the year held for the real estate market in general. Those familiar with Michigan Real Estate the past few years will know that we’ve been dealing with depreciating property values for some time…heck, the charts below show the three year trend and it looks like a ski slope!
There is good news coming out of the 2008 real estate market; the pace of listings slowed right down and we sold more units in 2008 than in 2007. So, inventory is thinning out because of sales and fewer properties actually coming onto the market. Price continues to be king around the Ann Arbor real estate market and 2009 proves to be more of the same.
From Big House Data’s summary for December 2008:
If you bought real estate in Washtenaw County in 2008, pat yourself on the back. This was a good year to purchase property; low interest rates, lots of inventory to choose from and a market that appears to be near the bottom.
If you sold property in 2008, pat yourself on the back for completing your sale in a very tumultuous time in our real estate market. If you moved up after selling your property, you did very well indeed.
Quality and Price: These are the two biggest factors to selling property in Washtenaw County. If you’ve got great quality and the best price in the market, your property will be the next to sell.
On to the charts!
Average List Price – December 2008
|Average list price for December was $184,414, down nearly 17.75% from December 2007. For 2008, the average list price was down over 8%, compared to 2007. For 2008, the average list price in Washtenaw County was $228,689.|
Average Sales Price – December 2008
|The average sales price in Washtenaw County was $157,810 in December. This is down over 29% compared to December 2007. For 2008, the average sales price was down over 12% to $195,142.|
Number of Listings v Closings – December 2008
|Listings: December saw 393 listings come on the market. That is a nearly 21% decrease in the number of new listings compared to December 2007. For 2008, the number of new listings is down nearly 29%, compared to 2007. Keep in mind that the listings tracked here have not been scrubbed for re-lists or price adjustment re-listings.
Closings: 192 closings in December 2008, nearly 17% less than December 2007. For 2008, closings are up over 2.25%