Well, here it is the end of the year and the housing data is in.
Yes, we continued to sell homes in Ann Arbor, Michigan and throughout Washtenaw County. I know you are shocked by all the horror stories you read in the media. Oh well... people do need to move and buyers do need to buy.
Property in Washtenaw County, sold for 89% of asking price, with an average of 86 days on the market. Over one in 5 homes listed SOLD.
December ended with a 30% drop in listings in 2007, compared to December 2006. So even though our inventory was up by 17.5%, the drop in listings in December 2007 is a positive sign.
Here are a couple of graphs to compare historically the trends in Washtenaw County.
I like to say, "Buyers are very unforgiving". That means what they would accept in a home a few years ago, they don't have to now, they just keep looking and find what they really want.
The homes selling the fastest are those priced to sell.
Work with a Realtor that will "tell you the truth". The truth about your home, the condition, the market conditions and the absorption rate for the inventory on the market in your specific area, Ann Arbor, Saline, Dexter, Chelsea, Manchester and Ypsilanti.
Missy, It looks like properties are still selling in your area as long as they are priced right. It certainly is a good idea to have a knowledgeable and savvy agent like you to help the process go smoothly and produce a positive result.
Beautiful graphs!
Jo (and I love what you've done with your picture!!)
Gary, thanks we do have to inform people over the media.
Jo-Anne, thanks appreciate your kind comment.
Monika, oh yea we're seeing low offer here too.
Lola, I feel so bad for the sellers, but happy for the buyers.
Missy,
As you know I'm a big user of graphs...where do you get your from?
Marchel, oh the calls and flyers have started....
Gary, sounds like a plan, do you want to tell them?
Neal, I hire a company in Ann Arbor to do the stat's and the graphics. They do a great job and the data is more accurate then our boards... long story. But, others have called them out of our area and they are strickly local.
"Buyers are very unforgiving" is so true. Sellers need to know the facts. Business as usual whereby "it's good enough" just will not sell homes these days.
It appears that the prices are still trending down in your area. Here too except for some areas where the prices are holding strong and the sales are down dramatically. I believe it's time for a stat on our sales to get the real picture.
Sellers must have their homes in tip top shape in this market, otherwise buyers just move on to the next one. They are definitely in the driver's seat.