Ann Arbor's housing sector 'close to becoming a seller's market,' according to report
Despite the continued instability in the national housing market, Ann Arbor is one of the top 10 U.S. cities that are showing signs of recovery, according to a recent report by Realtor.com.
Based on the third quarter of 2011, the top 10 “turnaround” cities had lower unemployment rates year-over-year, showed median list price appreciation and lower inventory counts.
The report was compiled based on price appreciation, changes in inventory, median age of inventory, searches by Realtor.com visitors and unemployment data.
Both the state of Michigan and Washtenaw County have experienced the lowest unemployment rates in years. Michigan’s unemployment rate fell to 9.8 percent in November, with Washtenaw County’s at 5.7 percent, the second lowest among Michigan’s 83 counties.
The housing market in Ann Arbor is also improving, according to the report.
Median list prices increased more than 8 percent year-over-year in October. Inventory is also down nearly 25 percent.
"With a 25% reduction in inventory over the past year and time in inventory down to 90 days compared to the national median of 107, Ann Arbor is one of the few markets in the country that is close to becoming a seller's market," according to the report.
According to a recent report by the Ann Arbor Area Board of Realtors, home sale prices in Washtenaw County also continue to increase. The dollar volume of properties sold year-to-date in Washtenaw County is up 2.4 percent over last year.
The average Ann Arbor home sale price was $317,024 in November.