Big House Data pulls through again! April 2007 Ann Arbor area housing statistics are available. Before discussing the stats, if you would like a full copy of the stats package, please drop me an email at todd-at-toddwaller-dot-com.
average list price
The overall average list price was $235,573, down nearly 2% compared to April 2006. Year to date, the list price is down nearly 3% compared to the first four months of 2006.
average sales price
April saw an average sales price of $210,732, down over 7% from April 2006. County wide, the average sales price, year to date, is down 6.5%, compared to the same four months in 2006.
Average List Price v Average Sales Price
Last month’s dip in average list and sales price saw the trend line gap close. This month, the gap appears to be on the way to increasing again.
From the Big House Data executive summary:
Housing is on everyone’s mind these days. How much is the market going to fall before it stabilizes? How much less did my neighbor get than they thought they should get? Why is it taking so long to sell homes? What caused this current market?
While Big House Data does its best to describe what happened, there are times we wish we could pull out the crystal ball and see when the market will turn. With that in mind, there is a silver lining in April’s numbers; the rate of listings across the county has slowed down to right around 2% greater than the same time last year. Yes, it is a slim, silver lining, but it is something to keep watching. If the rate of listing begins to drop below last year’s listing pace, we could be staring at the bottom of the market. That’s not to say that the market will begin to climb again, but rather that it ceases to fall and will likely move sideways for a time until inventory comes off the market.
Anyone want to buy some property?