Reported by Martin Bouma, REALTOR, GRI, REALTOR-Associate
Updated October 23, 2009.
Current Market Rating: 2
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Buyer's
Seller's
Current Price Trend: 3
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Falling
Rising
We have noticed that under $350,000 is a balanced market. There are certain
locations with very little inventory that are actually a seller's market. Over
$351,000 is definately a buyer's market. In the past month there has been a 17%
increase in homes under contract.
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.
Price Range: Less than 100k Listings: 24 Under Contract: 7 Sales Past 12 Months: 59 Absorption Rate: 4.9 Months Supply: 4.9
Price Range: 100-200k Listings: 186 Under Contract: 46 Sales Past 12 Months: 332 Absorption Rate: 27.7 Months Supply: 6.7
Price Range: 200-300k Listings: 177 Under Contract: 44 Sales Past 12 Months: 317 Absorption Rate: 26.4 Months Supply: 6.7
Price Range: 300-400k Listings: 84 Under Contract: 21 Sales Past 12 Months: 120 Absorption Rate: 10 Months Supply: 8.4
Price Range: 400-500k Listings: 56 Under Contract: 9 Sales Past 12 Months: 63 Absorption Rate: 5.3 Months Supply: 10.6
Price Range: 500-600k Listings: 44 Under Contract: 2 Sales Past 12 Months: 41 Absorption Rate: 3.4 Months Supply: 12.9
Price Range: 600-700k Listings: 32 Under Contract: 3 Sales Past 12 Months: 20 Absorption Rate: 1.7 Months Supply: 18.8
Price Range: 700-800k Listings: 14 Under Contract: 2 Sales Past 12 Months: 12 Absorption Rate: 1 Months Supply: 14
Price Range: 800-1,000k Listings: 34 Under Contract: 2 Sales Past 12 Months: 19 Absorption Rate: 1.6 Months Supply: 21.2
Price Range: 1,000k+ Listings: 35 Under Contract: 1 Sales Past 12 Months: 8 Absorption Rate: .7 Months Supply: 50
Price Range: Rentals Listings: 92 Under Contract: 13 Sales Past 12 Months: 226 Absorption Rate: 18.8 Months Supply: 4.9
Price Range: All Residential Ann Arbor Price Points (no rentals) Listings: 686 Under Contract: 137 Sales Past 12 Months: 991 Absorption Rate: 82.6 Months Supply: 8.3
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!
About Martin Bouma:
Martin Bouma is the dynamic team leader of the Ann Arbor Real Estate Team, The Bouma Group of Keller Williams Realty. Implementing a barrage of technology tools makes Martin stand out in a sea of real estate professionals. Martin and his team use these online and offline tools for one purpose alone - so Washtenaw County home buyers and sellers succeed! He provides superior work ethic and solid dedication to his clients and what separates him from the amateurs is his thorough knowledge of the market, pricing and negotiating skills, and strong team who ensures ultimate success is achieved for their buyers and sellers.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
