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.