Ann Arbor Real Estate Statistics

October is here, University of Michigan football is….underway, and the family has crushed and pressed the grapes for the 2008 family vino. What’s not to love about Autumn in Michigan?!

Ann Arbor Michigan homes for sale continue to move! In spite of the recent financial hiccups (ed. that’s an understatement!) buyer’s still have access to financing and can still purchase homes. The credit crunch simply tightened underwriting guidelines on mortgages…about 9 months ago. The only thing that has changed as a result of recent market manuevers is consumer fear and perception.

From the BigHouseData.com Executive Summary:

Wow! What a month September was! The national credit crunch get’s its groove on, a federal bail-out rescue bill is proposed and folks still purchased homes!

The good news right now is that the buyer with good credit and a decent down payment can still get financed. That hasn’t changed in the last 4 weeks. If you don’t have the down payment, but have the credit score, FHA is still a viable option.

Buyers, if you need to purchase soon, now is the time to start the process. There’s a lot of inventory and mortgage rates are still very reasonable.

Sellers, the mantra continues: great pricing and value and your home is sold! Anecdotally, Big House Data has heard of a few properties selling at or over list price in a couple days after listing. The common theme was price and value.

Charts after the Jump.

Average List Price – September 2008

Average List Price: The overall average list price in September was $226,943, down nearly 4.5% compared to September 2007. For the nine months of 2008, the average list price is down over 7%.

Average Sales Price – September 2008

Average Sales Price: September saw an average sales price of $175,778, down nearly 10% from September 2007. Compared to the nine months of 2007, the average sales price is down over 10.5%.

Number of Listings v Closings – September 2008

# of New Listings: With 715 new listings in September 2008, that represents an over 24% drop over September 2007. For the year, listings are down nearly 30%

# of Closings: 225 closings in September 2008, down nearly 15.5% compared to September 2007. Year to date, compared to the same timeframe in 2007, the number of closings is up nearly 5.2%