Ann Arbor Real Estate Statistics – February 2009

The Ann Arbor Real Estate market is underway for 2009. With two months behind us, let’s review some numbers. Below is a brief video discussion on the housing market here in Washtenaw County. “Below the fold” are the charts and some more discussion.

From the BigHouseData Monthly Summary:

So the first two months of 2009 are done and the numbers are in. As everyone “knows in their bones” sales price continues to decline, as does the volume of business being closed. Two silver linings for the Washtenaw County housing market though: the pace of new listings coming on the market is down and the number of closed transactions is not down precipitously.

BigHouseData believes there may be a couple of reasons for the decrease in the number of transactions. However the biggest has to be uncertainty. Uncertainty over which direction Congress would go with their stimulus package. Uncertainty in the economy, jobs, etc. All the talk of the economy’s stumbles makes buyers (and nearly everyone else) nervous.

Average List Price – Month 2008

The overall average list price in February was $216,408, down over 15% compared to February 2008.

Average Sales Price – Month 2008

February saw an average sales price of $133,206, down nearly 43% from February 2008.

Number of Listings v Closings – Month 2008

# of Closings: 127 closings in February 2008, down over 21% compared to February 2008.

# of New Listings: With 497 new listings in February 2008, that represents a nearly 32% drop over February 2008.

Team366 | Ann Arbor Real Estate | Real Estate One

0 Responses to Ann Arbor Real Estate Statistics – February 2009

Richard Stabile Bergen County Real Estate says:

April 2, 2009 at 8:32 am

On a technical basis, it seems you maybe bottoming just as other areas of the country as shown. The decline in new listings and the hold in sales volume is very encouraging. The sales line being flat on trend is much better than many areas that had dried up before sales moved up. So.Cal, Florida, Nevada, Arizona and many areas sales volume has been rising. Let’s hope this continues. The mortgage money available, the lower prices, and pent up demand seems to be helping us along.

Todd says:

April 2, 2009 at 9:02 am

Richard,

My technical intuition is telling me that this is the year of the bottom for Ann Arbor area real estate. For the reasons you cite, lower prices, pent up demand and the cheap cost of money, we are already seeing a HUGE up tick in the numbers of showings scheduled. I don’t believe our board will be breaking any sales records, but things will definitely become more stable around here…