I get my data from Big House Data, a company in Ann Arbor, that compiles all their data from the Ann Arbor Board of Realtors. It varies somewhat from what the actual Ann Arbor Board of Realtors puts out. Either that or it is interpreted differently from the Ann Arbor News.
The Ann Arbor News through MLive.com reported the average price home to sell was $223,802.00. This price is back to the 2000 prices of home sales. So in 8 years, poof…. the sellers have lost value in their homes.
Big House data is reporting that the average price home sold for $195,886.00.
The silver lining in the cloud that has hung over Ann Arbor Area homes is that the inventory has dropped by 27% from June 2007 to June 2008. For the entire year, listings are down 31%.
Buyers are seeing the value in the homes and this is absorbing the inventory of available homes.
Once again, homes that are selling are PRICED RIGHT from the beginning, and are in tip-top condition. One exception to that rule is foreclosed homes. Multiple offers are coming in, a home on Miller in Ann Arbor received multiple offers the first day. I didn’t even have time to get my buyers out there.
Start you Ann Arbor House Search here.