Ann Arbor Real Estate Talk

The chart below shows the medium price of homes in Ann Arbor continues to drop. With a peak in October the prices continue to come down.

I am asked all the time when will we hit the bottom?  I wish I knew. In 2009 we sold the same amount of homes in the Ann Arbor Area, according to the Board of Realtors data. But….the prices were much lower.

Pricing your home to sell is the way to get it SOLD. Pricing above the market, or saying, “the buyers can always make an offer,” does not work. Buyer are looking for the best value.

Search homes and condo’s for Sale in Ann Arbor Area. There are some great opportunities for buyers right now.

Saline Real Estate year in review, is a graph that you can play around it. I posted on how to use the graph yesterday when I did the Ann Arbor year in review.

Since the chart is interactive you can move the lower portion with your cursor and move the graph one month at a time.

At the top of the chart just simply lay your mouse over the date and the exact average price point will pop up.

In January the average price point was $285,950 with 212 homes on the market. We are ending the year in Saline Michigan with an average price of $280,084. with 193 homes on the market.

Have fun checking out different dates, and the inventory.

You can subscribe to monthly reports for Saline on the right side or on Ann Arbor Real Estate.

Below you will find an interactive chart for Ann Arbor Real Estate. This is just Ann Arbor and it’s zip codes, not the entire Washtenaw County Area.

Since the chart is interactive you can move the lower portion with your cursor and move the graph one month at a time.

At the top of the chart just simply lay your mouse over the date and the exact average price point will pop up.

Example, in on October 23rd, the average price was $ 307,926.92. This was the peak of prices in Ann Arbor.

$271,917.86 was the median price in January 09, with 623 homes on the market. The peak of the inventory was in July with 809 homes on the market.

Well I don’t want to take away all the fun, so go play with the graph. Let me know what you think and if you would like a market report delivered to you monthly just sign up in the right side. You can choose any zip code or all zip codes for Ann Arbor.

Below you will see a Ann Arbor Market Data report.

Move you cursor around and you can see the average price homes, inventory and days on the market.

Have fun with it. You can also sign up to receive monthly market reports from the side bar of this blog. Or just check back monthly.

Ann Arbor Area or foreclosures throughout Washtenaw County.

Many sellers ask me should we sell now or wait until the market comes back?  I answer by telling them two things.

• Why are they selling?
• How do any of us know when the market is coming back?

According to recent data from First American CoreLogic on foreclosures for the Ann Arbor area, the rate of foreclosures among outstanding mortgage loans is 1.29 percent for the month of October, an increase of 0.59 percentage points compared to October of 2008 when the rate was 0.70 percent.

* Foreclosure activity in Ann Arbor is lower than the national foreclosure rate which was 3.02 percent for October 2009, representing a 1.73 percentage point difference.

However in Ann Arbor, the mortgage delinquency rate has increased. According to First American CoreLogic data for October 2009, 4.85 percent of mortgage loans were 90 days or more delinquent compared to 3.25 percent for the same period last year, representing an increase of 1.60 percentage points.

This is a current search as of today, December 10, 2009 of the homes that are bank or government owned in the Ann Arbor Area Board of Realtors MLS. There is a total of 97 single family homes; but 22 are under contract so 75 are available to purchase.

***Thanks to First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies,  the largest provider of real estate, property and ownership data and advanced analytics for information on foreclosures, delinquencies, median home prices, home price indices, home valuations, sales activity and mortgage loan originations, for the use of their data in this post.***

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