Ann Arbor breaks the number of sales in January !! The highest it has been since January of 2002. That is fantastic news even when we were all punched in the gut with Pfizer leaving.
The average sale price in Ann Arbor was 248,500 DOWN from 269,822.00 in 2006. The real problem and has been for years is the number of listings coming on the market. WOW, 1318 new listings is a all time record.
What does this mean if you are a buyer trying to buy ? Lots of beautiful, affordable homes to choose from. What does it mean if you are a seller in today’s market ? Work with a realtor that will tell you the truth about the market. This is NOT the time to be told by a less than honest person the price of your home, just to get the listing. I personally have walked out of 8 listing appointments the past 2 years, wishing the sellers the best of luck but telling them I am not going to waste their time or mine trying to sell the house at that price.
What happened ? Well in most cases they listed with someone else. Two of those I kept my eyes on and they sold for LESS than what I had told them a year before. Three called me back after trying with another realtor, then getting realistic and listing with me and all 3 sold in a good marketing time. Two people tried for awhile at “their” price, eventually took their home off the market and are waiting. The last one I lost track of.
It is to no one’s advantage to take a OVERPRICED listing ! Not the sellers, not the buyers looking and not the realtor.
Enough said. Bottom line is 6 months of inventory was added in January alone. Please click on the link above to study the exact data and graphs.