July 2006 Housing Market Charts
Well, it’s that time of month for housing statistics here in Washtenaw County! Courtesy of the Ann Arbor Area Board of Realtors here are some relevant indicators of the housing market.
Click on the charts to expand the size.
# of Sales # of New Listings
Avg Days On Market Months of New Inventory
Months of New Inventory: An Explanation
Months of New Inventory is a metric I find useful in gauging the rate of demand in the housing market. The number of months of inventory is the result of dividing the number of new listings by the number of sales in a given month. Example: July 2006 saw 1,331 new listings with 474 sales. 1,331/474=2.8 months of new inventory.
The spike and then decline of the chart beginning on January of every year is due to the typical slower buyer demand in January. There is also a corresponding sharp drop in December due to a decrease in new listings across the holidays.
Technorati Tags: Michigan Real Estate, Market Statistics
Your “click for larger” on “months of new inventory” takes me to the large version of “# of new listings”.
In general, though: this is pretty fantastic! I dig data made publicly accessible.
Murph,
Thanks for the heads up and the pat on the back! Thought I had the charts all nailed down correctly…
The board distributes the stats monthly, but they simply don’t do pretty charts or even analysis on what the data means. Hope the data helps!
Todd
[…] I empathize with you. I really do. You bought your current residence with the prospect of making a pretty penny when you went to sell your home. Now, the market is slowing. Oddly, average sales prices are not nose diving as expected, but the days on the market is going through the roof. This also coincides with the increase in the number of listings currently on the market. […]
[…] This blog has been saying that we are in a slowing market since its inception. I’ve even published stats to show what is happening in the market! […]