August Housing Stats: Accuracy for Washtenaw County

Big House Data, LLC has gone into Beta for their new delivery of stats packages…and boy does Team366 like the look and the new data set.  From BHD’s intro to Beta email:

Aside from the announcement that there is now one location to get your housing statistics,|BETA is pleased to announce that our stats focus solely on properties within Washtenaw County.  No more out of county sales included in your housing stats!  Any property listed and/or sold in Washtenaw County by a licensed agent is now a part of our  data set and, therefore, your housing statistics.  Big House Data, LLC is  providing you with the truest picture of the area housing market!

Thank you Big House Data! Now for the charts and analysis!

From the Big House Data Executive Summary:

On average, single family residences and condominiums sell within 2.12% of their list price. This is a good indicator for the overall market. This means that buyers and sellers are beginning to agree, rapidly, on what price constitutes market value. Due to Pfizer’s withdrawal from Washtenaw County, it is BHD’s opinion that the area housing market learned what it takes to sell a home in this market a lot quicker than the rest of SE Michigan. It was a very short, steep learning curve, but Washtenaw County sellers now know that price sells.

Average List Price – Washtenaw County

Aug07Chart_Page_02 The average list price on both condos and homes in Washtenaw county has fallen nearly 6.5%, compared to the same eight months of 2006.

The Pfizer withdrawal is in effect!

Average Sales Price – Washtenaw County

Aug07Chart_Page_03 The Average sales price of property in Washtenaw county has fallen as well.  Given all the bad news and media hype, one would think the bottom had fallen out.  Fortunately, this is not the case.  Compared to the first eight months of 2006, the average sales price for the same time period in 2007 is down only over 4.5% to $228,270.

August 2007’s average sales price was $223,637, down 4%, compared to August 2006’s average of $233,148.

Number of closings v number of sales

Aug07Chart_Page_06As you can see, the sales trend continues gradually down as the listings continue to pile onto the market.

Compared to the first eight months of 2006 where 30.1% of listed properties sold, the same time frame in 2007 has seen only 19.9% of listed properties selling!  That’s a 10.2% drop in one year.

Compared to the county average of 19.9% of the listings selling, Team366 is proud to announce that we sell 73% of those properties we list….and that’s just this year!

As ever, contact us if you would like information on the Team366 professional marketing system, our housing stats or any further information regarding real estate in Washtenaw county.

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