Washtenaw County sees spike in condominium sales, dip in prices during February
The number of condominium units sold in Washtenaw County in February increased 44 percent over the same time last year, according to the Ann Arbor Area Board of Realtors.
There were 52 condos sold last month, compared to 31 in January and 36 in February 2011.
Median sales prices of condos, however, are down from $107,500 in February 2011 to $100,500 in February 2012.
Overall, residential home sales in the county remained relatively stable when compared to both last month and last year. There were 179 units sold in February, compared to 180 in February 2011 and 173 in January 2012.
The average home sale price has dipped by 1.6 percent from last year, dropping from $176,629 in February 2011 to $173,607 in February 2012.
Year-to-date, the average sale price has dropped from $173,615 in 2011 to $170,814 in 2012.
Lawrence Yun, chief economist for the National Association of Realtors, said in a news release he predicts there will be a rising demand for rental space and home ownership this year.
“The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” he said.
He added: “The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”
In late 2011, Yun predicted the real estate market will continue to slowly inch back, with the number of sales increasing by 4 percent in 2012 and home prices increasing by 2 percent. For 2013, he projected sales will increase 6 percent and prices will rise another 3 percent.