June 2011 Ann Arbor Market Update

Ann Arbor Home Stats June 2011

When comparing the end of May to the end of June, the overall Ann Arbor school district real estate market remained virtually the same. The number of homes under contract rose by 2%, while the number of homes for sale decreased by 2%. 4 price points had a decrease in inventory, 1 stayed the same, and 5 had an increase in inventory. The $200k-$300k range had the most significant change, and saw a decrease in inventory of 8%. There were 789 homes for sale with 31% under contract at the end of May. Here at the end of June, that number went down to 773 homes for sale, but rose to 33% under contract, which shows there has been increased home sales in the past month. The number of homes sold will begin to rise as they close over the next 30-60 days.

The Ann Arbor real estate market as a whole is in a buyer's market with a 9.7 months supply of homes, which is unchanged when compared to last month. Half of the price points have seen an increase and half have seen a decrease. The under $100k market saw the biggest change, the month's supply rose by 28%, putting it into a balanced market for the first time this year. The $700k-$800k saw a large decrease in months supply and went from 11 in May to 8.6 in June, due to the increase in sold homes in the past 12 months. Over $1M, we have a 27 months supply which means it would take 27 months for the current inventory to sell. All price points are in a buyer's market, with the exception of the under $100k market. With a 2.2 months supply, the rental market remains strong as sellers are renting their homes and waiting for their market to fully recover.

Comparing the end of June to the end of January, there has been an increase in inventory of 48% and an increase of homes under contract of 108%. The number sales in the past 12 months has decreased by 6%, pushing the months supply of homes up to 9.7 and going from an overall balanced market to a buyer's market.

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. There are so many great deals out there in the Ann Arbor subdivisions and downtown Ann Arbor area. Are you thinking of making a move in Ann Arbor or Washtenaw County? Give us a call at 734-761-3060 or info@bouma.com, we'd love to give you a tour of our area!

Posted Friday, July 08, 2011 by Martin Bouma
Tags: Ann Arbor Homes, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, ann arbor real estate trends