The Ann Arbor Residential Real Estate Market is showing signs of steady growth. The Average sale price in the Ann Arbor School District has gone from $280,524 in 2009 to $299,251 in 2011, a 7% increase. Over the same time period the median price has risen from $230,000 in 2009 to $242,000 in 2011, a 5% increase. So far this year we have sold 801 residential properties and are on track to sell a little less than 900 properties for the year. We are expecting a good finish for 2011 and an even better spring market in 2012!
November 14, 2011
September 2, 2011
New Real Estate Listing at 2751 Aurora in Ann Arbor
Lovingly maintained during almost fifty years of ownership, this sunny home boasts hardwood floors, a huge screened porch, and large eat-in kitchen. Freshly painted interior. Plus storage galore! Wonderful lot backs toBromleyPark. Minutes to North Campus and hospitals. Convenient to shopping, bus lines and expressway. You will love living in this popular neighborhood.
August 26, 2011
Are we seeing an improvement in the Ann Arbor Residential Real Estate Market?
This frequently asked question has a complex answer. Through mid August, total volume in the Ann Arbor School district is up 4% to $180.2 million. Average prices are up 4% while unit sales are about even with 2010. If you look at sales below $500,000 and sales above that number, we get a different picture. Sales volume in the under $500,000 market is down 3% to $123.8 million while the average price is about flat year on year. Sales volume in the $500,000 and up market grew 27% to $56.4 million at an average price of $679,307. The average price in this price range is down 6% from 2010. Days on market rose to 137 as compared to 109 in 2010. This data suggests that the market has firmed and that expectations of buyers and sellers are more closely in sync.
August 9, 2011
Prices continue to improve in the Ann Arbor Residential Real Estate Market
Using data provided by the Ann Arbor Area Board of Realtors, prices are improving in 2011 as compared with 2010. Through July 31, 2011 the average sale price for residential transactions within the Ann Arbor School District was $301,609 as compared with $287,471 for the same period in 2010. The median price for 2011 is $246,150 while in 2010 the median was $237,500. This is a result of a slight reduction in the inventory of available homes for sale. Total sales units so far in 2011 stand at 536 while in 2010 we sold 545 residential properties through the end of July. Based on prior year’s experience, residential home sales units should finish the year at a pace that is approximately equal to 2010.
June 14, 2011
Prices are improving in the Ann Arbor Residential Real Estate Market
The Ann Arbor residential real estate market is off to a better start than last year. The statistics published by the Ann Arbor Area Board of Realtors for the first quarter 2011 show positive movement in the city of Ann Arbor. The average sale price was up for the first quarter by 8% to $305,209 while the median price was also up 8% to 244,000. Sales units are up 16%. At present 695 properties are on the market with an average asking price of $389,850.
September 17, 2010
The Glass is Half Full in the Ann Arbor Real Estate Market.
The Ann Arbor Board of Realtors July data was somewhat shocking due to the impact of the First Time Home Buyer Credit. Sales units in July dropped to 259 from 394 in June. August Sales Units stand at 262. We are forecasting a full year however that is better than 2009. Here are the positives:
• Year-to-Date Median Prices and Average Sold Prices for Residential properties are higher in 2010 than in 2009.
• The ratio of listed Residential inventory units to sales units stands at 2.2 slightly less than the fourteen year average of 2.5.
• The sixty month moving average of Residential Median Prices has swung to the positive.
All of this suggests a firming in the market place. Continuing low interest rates and a relatively low level of inventory will have a positive affect on the market. We expect this trend to continue for the remainder of 2010 and into 2011. Our forecast for 2010 indicates that combined Residential and Condominium Sales will grow 7% for full year 2010 as compared to 2009. Sales units are also expected to grow by 6%.
July 27, 2010
One Interesting Mortgage Strategy for Purchasing a Home in Ann Arbor, Michigan
Home owners and potential home buyers are faced with a number of issues including affordability of a new home that may need some repairs. The Federal Housing Administration (FHA) provides loans that include a low down payment and mortgage insurance on loans made by FHA approved lenders. These loans are generally limited in amount. For a single family owner occupied home in Washtenaw County, the maximum loan amount is $345,000. Should the home need repairs an FHA program called 203K Streamlined will permit repairs up to $35,000 that can be financed as part of the loan. Generally the home must be occupied once the transaction closes. The work must be completed within six months. Not all banks participate in the program so some shopping is required.
July 12, 2010
First Half Residential Sales are Strong
Here are the year-to-date residential sales units for the Ann Arbor Area Board of Realtors for the last six years:
2005 2006 2007 2008 2009 2010
1,280 1,222 1,003 1,103 1,010 1,223
As can be seen in the table we are experiencing the highest unit sales activity since the peak year 2005. This could bode well for the remaining year as interest rates remain low, jumbo mortgages become more available, and the overall economy continues to improve.
We are often asked how much of a price decline we have experienced since 2005. In general the Ann Arbor Hills area is down about 23% in price during the period 2005 to 2010. On the other hand, Washtenaw County is down significantly more. It appears that prices have firmed as indicated by a positive trend in the median price in Washtenaw County. This trend will hopefully continue thorough the remainder of 2010 and into 2011.
May 28, 2010
Leslie Park Golf Course
Leslie Park golf Course was ranked the number one municipal golf course in Michigan in 2009. The course features a wonderful setting and eighteen holes.
The course was completely renovated a number of years ago and presents some delightfully challenging holes. Give it a try.
May 17, 2010
Argo Pond and the Huron River Area Recreation Facitlities
Argo Pond was created by a dam placed in the Huron River upstream from the present Gandy Dancer Restaurant near the Ann Arbor Railroad Bridge. The dam was built in 1914 to replace an older facility and was rebuilt in 1972. Originally the Dam was designed as a hydro-electric plant and as a means of flood control in the Huron River. Behind the dam is Argo Pond. Argo Pond covers 92 acres and stretches upstream to the Barton Nature Area and eventually to Barton Dam which was also designed as a hydro-eclectic plant and flood control measure. Barton Dam was installed in 1912-1913. Argo pond is a wonderful resource to the community. Argo Livery is available for canoe rental and kayak rental. Across the river are the rowing facilities of the Ann Arbor Rowing Club, the University of Michigan Men’s Crew, and the three local high schools. On any given day in the spring, summer, and fall, crews can be seen using the river. Bandemer Park can be entered from Whitmore Lake Road or near the Ann Arbor Rowing Club and occupies the bend in the river just north of the Argo Dam. In addition plenty of fish and wild life populate the stream. Close by are the Bluff’s Nature Area and Kuebler Langford Nature Area. Our Community is very fortunate to be able to benefit from the foresight of earlier generations to set all of this property aside for the use of future generations.
