Ann Arbor area's November housing sales top 2008 monthly total
November real estate sales in Washtenaw County topped 2008 monthly totals for both homes and condos, according to data released this morning by the Ann Arbor Area Board of Realtors.
Condo sales jumped from 25 units in 2008 to 65 this year; and home sales climbed from 202 units to 268 this month.
Year-to-date totals for condo sales now top 2008 levels by about 4 percent, while home sales for the year are 56 units shy of the 2008 total through November: 2,860.
This year's number of sales for November also are higher than November 2007, giving an indicator from before last year's national lending crisis. In 2007, 211 homes and 41 condos were sold in this market in November.
However, the dollar volume for the sales give a snapshot of how values have changed: While more condos have sold in 2009, the dollar volume is off by $18.5 million. And while home sales are only 56 less than year-to-date totals for 2008, the dollar volume is $104 million less - and about $200 million less than YTD 2007 sales totals for single-family homes, even though only 32 fewer homes sold in 2009.
In November 2007, the average sale price was $245,359, while this year's average sale price was $176,543.
Some of that may be attributed to the federal first-time homebuyer tax credit, which set an $8,000 buying incentive. Realtors said that many of those buyers were looking for homes priced at $150,000 or less.
At the same time, the number of foreclosures on the market also have suppressed sale prices.
Meanwhile, the number of new listings for homes continues to drop: 346 came onto the market in November, bringing the year-to-date total to 6,399 - compared to 10,691 in 2007.
Condo listings climbed in November, when the market gained 102 units compared to 93 in 2008 - growing to a YTD total of 1,379. In 2007, 2,531 condos were on the market.
By community, the highest sales in November were in Ann Arbor: 84 homes sold for an average sale price of $280,491, compared to 48 homes in 2008 for an average sale price of $263,621.
Sales in Ypsilanti grew in 2009, too, with 24 homes selling in November - compared to 7 in 2008. The average sale price climbed to $88,718 from $77,375.
Comments
BornNRaised
Wed, Dec 16, 2009 : 6:01 a.m.
I appreciate the extra effort in this article. While it shows the 'number' going up, the reality is that it's because the prices are in such a hole. It's like saying there's only 10% unemployment w/o considering all the people who are off unemployment from the state beause they still can't find work, or those who are working part-time jobs and still sinking. There's always more to any story. Thanks for showing that in this one!
Paula Gardner
Tue, Dec 15, 2009 : 12:13 p.m.
Ouch. Yes, quite true... I changed it to $263,621. Sorry that we missed that!
DagnyJ
Tue, Dec 15, 2009 : 12:06 p.m.
I think there's a typo in the second to last graf. It says the average home price in Nov. 2008 in AA was $23,621. I mean, things were bad, but I doubt they were that bad.