This month’s Washtenaw County Homes Report is out! Directly from the Big House Data Executive Summary:
For the three years of data reflected on these charts, September 2007 is the lowest average sales price for the combined home and condo market in Washtenaw County. The good news, and there are silver linings here, is that properties are selling, and that the twelve month moving average trend line for sales is flattening! This indicates a momentum shift in the positive direction for closings compared to the prior twenty four months.
If you are a buyer in this market, you have never, and likely will never, see this kind of market again! High inventory, prices readjusting to normalcy, a historically low cost of money and hungry Realtors®. Buy NOW!
Ouch, lowest average sales price in 36 months! Team366 stared at the numbers and realized that so far this year, 20.6% of the listings on the market have sold. Compared to last year, when 30.1% sold across the same time frame, that represents a nearly 32% drop in the likelihood a listed home will sell. So right now, an active home has a one in five chance of selling!
Now, of course, this assumes an average home, at an average price, with average marketing! Team366, with the help of these stats, and our professional marketing system, is selling 65% of our listings this year. Give us a call at 734.330.2392 to learn more.
For now, let’s see some charts!
Average List Price – Washtenaw County Housing
As you can see, the average list price has been diving (according to the 12 month moving average trendline) since March of 2007. This is an encouraging trend to see as the market adjusted and continues to adjust, to the Pfizer withdrawal combined with the general readjustment of real estate values. This means that sellers have learned that price is a factor in selling homes.
Average Sales Price – Washtenaw County Housing
Now there is a price drop! Wow! The average sales price for September 2007 was $194,938. Year to date, the average sales price is down nearly 6.25%. Year to date, the average sales price is $224,566.
While this is an amazing number compared to the prior 36 months, when the average monthly volume is down only 8% and the number of closing are down only 2.5%, the market is not presenting itself as dead, by any stretch of the imagination.
Number of Listings v Number of Closings – Washtenaw County Housing
This chart shows that 2007 has been a banner year for listing homes, while the sales have remained relatively steady throughout the year so far.
This chart shows, beyond a shadow of a doubt, when most folks list their property. If you need to sell your place, and are afraid of listing during the winter, look at this chart again and examine where your home will be able to gain the greatest exposure on the market with the least amount of listing competition.
There are some great reasons to list during the winter time, and fewer new listings hitting the market is one of them!