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New Listings in Ann Arbor – Not Quite What You Think

The new Ann Arbor Board of Realtors statistics have just come out and it shows that the number of new listings to the market in Washtenaw County is essentially unchanged from last year.  Through the end of April, there were 2,540 new listings, versus 2,499 in 2009.  At a quick glance, this would signal that inventory is holding steady in the greater Ann Arbor Real Estate market.

Upon further examination, however, you’ll notice that those numbers are not accurate.  I’ve noticed that on a daily basis, that many of the “new” listings are actually relists.  Just for fun, I checked yesterday’s listings (May 10, 2010), and noticed the following statistics.

As of 6PM, there were 34 new listings in the Ann Arbor Area MLS.  Of those 34 listings, there were 16 relists, and an additional 7 were developer units at Ashley Terrace.  These have essentially been on the market all along, being available if you came to the building – they just weren’t in the MLS, so they’re not really new listings.

This means that there were really only 11 new listings today – out of a total of 34.  This tells me that only 32% of the “new” listings today, were actually new listings.
  Granted, yesterday may have been an anomaly, however, it does point out that the numbers that are being published are not really correct.  I also checked May 4th.  There were 22 new residential listings.  5 of them were rentals, leaving 17 homes for sale.  Of those 17, 6 were relists, leaving only 11 being new listings.   This represents 50% of the “new” listing inventory.    If only 50% of the” new” inventory is actually new inventory, this would mean that there were only 1,270 new listings in 2010 through the end of April.  This is a very different number from 2,540.

With this kind of information, it becomes obvious that the new listing inventory has actually declined significantly from last year.
  With demand up in many price niches, we should begin to see a decrease in the month’s supply of housing.    This will be an interesting trend to watch.

If you have any questions or comments, about the Real Estate market in Ann Arbor, feel free to call the Ann Arbor Real Estate Experts, The Bouma Group at 734-761-3060.

Posted Tuesday, May 11, 2010 by Martin Bouma