Sounding like a broken record, Big House Data has published the October 2008 Housing Statistics stating the obvious in the Executive Summary:
The key to any successful sale in this market includes two keys: price and quality. If you’ve got great quality and the best price in comparison to your competition, you will be the next sale in your market. Pfizer taught us this in early 2007 and the lesson still applies.
Around the Ann Arbor, Michigan real estate market, there are a few neighborhoods where supply is low, demand high and the right priced home not only receives multiple offers, the sellers are getting offers over their list price! While not the norm, the very fact that this occurs at all is the silver lining for sellers and those watching the real estate market around Ann Arbor.
Average List Price – October 2008
|The overall average list price in October was $213,038, down over 11.5%. For the ten months of 2008, the average list price is down over 7.5%. compared to October 2007.|
Average Sales Price – October 2008
|October saw an average sales price of $193,060, down nearly 10% from October 2007. Compared to the nine months of 2007, the average sales price is down nearly 10.5%.|
Number of Listings v Closings – October 2008
With 758 new listings in October 2008, that represents an nearly 12.5%drop over October 2007. For the year, listings are down nearly 28.5%
254 closings in October 2008, up over 16.5% compared to October 2007. Year to date, compared to the same timeframe in 2007, the number of closings is up over 6%.