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Ann Arbor Market Statistics, September, 2010

chart

Inventory in Ann Arbor continues to drop. Last month there were 661 homes for sale with 19.67% under contract. This month that number has dropped to 654 homes for sale with 22.8% under contract. This gives us a 7.7 month supply of housing for the Ann Arbor school District which is the same as last month. As has been the case all year, under $400,000 the market is much more competitive, with the months supply of housing ranging from 6.2 - 7.8 month supply of housing which is still considered a balanced market. Over $400,000 the months' supply of housing is consistently over 9 months. Over $1,000,000, we have 30 months supply of housing.


In spite of the low inventory under $400,000, houses still have to be in excellent condition and priced competitively in order to sell. Even with limited choices, buyers are not willing to make compromises. With so many home owners being upside down on their mortgage, I see the market inventory remaining tight for the foreseeable future.


In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller's market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer's market. As you'll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.

 ANN ARBOR REAL ESTATE MARKET, SEPTEMBER, 2010

  

<$100 k

100-200k

200-300k

300-400k

400-500k

500-600k

Listings

40

207

142

73

61

33

Under Contract

19

50

31

18

11

5

Sales Past 12 Months

63

318

306

141

82

40

Absorption Rate:

5.3

26.5

25.5

11.8

6.8

3.3

Months Supply

7.5

7.8

5.6

6.2

9

10

Supply change from last month

21%

0.05%

-3.00%

-3%

7%

6.00%

 

 

 

 

 

 

 

 

           

  

600-700k

700-800k

800-1000k

>1000k

All

Rentals

Listings

26

23

25

24

654

77

Under Contract

6

2

5

2

149

13

Sales Past 12 Months

30

14

16

10

1020

237

Absorption Rate:

2.5

1.2

1.3

8

85

19.8

Months Supply

10.4

19.2

19.2

30

7.7

3.9

Supply change from last month

0%

-17%

-8%

0%

0.00%

-11.40%


ZIP Codes: 48103, 48104, 48105, 48108


Approximate Location Boundaries: Ann Arbor School District


Location Characteristics: Ann Arbor has many distinct neighborhoods that offer a variety of home buying opportunities. The area is a cultural Mecca with many performance centers and theaters, live music, dance groups, libraries, museums, parks, & farmer's markets. It is considered the education capital of the Midwest because it is home to the University of Michigan, one of the country's top universities. The Ann Arbor area offers one of the most varied menus of restaurants in the state with Main Street as one of Michigan's best places to eat, people watch and shop. In July, Ann Arbor is host to the Ann Arbor Art Fairs, which is among the nation's top street festivals and takes up nearly all of the downtown area. Artists and shoppers travel from all over the country to attend this yearly event. Ann Arbor is a great place to live!


Martin Bouma
- your Ann Arbor expert - can help you find the perfect piece of Ann Arbor real estate. Whether you're buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Thinking of settling down in Washtenaw County, Saline, or a specific Ann Arbor neighborhood? Call the Bouma Group today! And don't forget to check out our Condo Hotline - we know the Ann Arbor condominium market better than anyone!

 


Posted Tuesday, October 19, 2010 by Martin Bouma
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