Ann Arbor area housing market shows continued improvement in February
Sales are up, days on market are down and the average sale price is inching higher.
February data from the Ann Arbor Area Board of Realtors, released this morning, indicates some positive signs for the local housing market.
According to the numbers comparing February to the same month in 2009:
• Home sales climbed 19 percent to 166 units. • Condo sales climbed 48 percent to 38 units. • Dollar volume grew by over $5 million, totaling $27,730,073. • Days on market tightened for both homes (12 percent) and condos (23 percent). • The average list price fell by about $2,400 but the average sale price climbed by almost $3,000.
Year-to-date numbers show the market improving by $12.6 million, and the report is the second consecutive monthly improvement.
New listings for homes has stabilized - even as the condo listings grew by 42 in February - preserving the drop in the number of homes coming onto the market. That trend has been visible since 2009.
Comments
Stephen Lange Ranzini
Sat, Mar 13, 2010 : 7:58 p.m.
Brian Bundesen wrote, "This is very strong evidence that there is growing confidence in the economy, and that lenders are lending again." True, the Wall Street Investment Banks and large Regional Banks went AWOL and abandoned Michigan, however, Community Banks like my bank, University Bank, have been lending throughout this Great Depression and continue to lend. We originated almost $750 million in home mortgages in 2009. If you want a mortgage, take your pick of University Bank, United Bank & Trust, Bank of Ann Arbor or Ann Arbor State Bank. We all do a good job.
march
Fri, Mar 12, 2010 : 10:16 a.m.
I agree with Dan. There are just too many people who are promoting an end to the recession in housing, stocks, etc which just isn't justified by the facts.
Dan
Thu, Mar 11, 2010 : 5:27 p.m.
You're right - these are just month over month numbers, so it's hard to read into them. I was mostly offering a counterpoint to Brian Bundesen's, "it's a great time to buy" comment.
Paula Gardner
Thu, Mar 11, 2010 : 4:20 p.m.
Dan, The straight year-over-year comparisons aren't exactly just "positive spin." I track them monthly on AnnArbor.com so that readers can see consistent market-specific sales data. There's no element of forecasting here, either for the real estate industry or lending, but do appreciate the link you sent in case readers want to head in that direction.
Dan
Thu, Mar 11, 2010 : 4:16 p.m.
I'm pretty pessimistic when it comes to positively spun real estate statistics like this. For example, see this chart: http://www.calculatedriskblog.com/2007/10/imf-mortgage-reset-chart.html There's another huge wave of mortgage resets coming, which will lead to underwater homeowners, which is a strong leading indicator for foreclosures. There's still a long way down.
Brian Bundesen
Thu, Mar 11, 2010 : 3:11 p.m.
This is very strong evidence that there is growing confidence in the economy, and that lenders are lending again. I do believe that Ann Arbor is likely the strongest real estate market in the state. It's a great time to buy, especially with the tax credit still available for a few more weeks. There are still many unbelievable deals out there, even when the tax credit expires.