Ann Arbor Ahead of National TrendNAR just came out with a report which shows that Nationally, sales in November 2009, climbed 44.1% compared to the same month last year.  There was a lot of variance around the country.  The sales rate rose 53.5% in the Midwest, 52.7% in the Northeast, 44.8% in the South, 28.1% in the West when compared year-over-year in November.

Good News for Homes Inventory

While the meduim sales price was down 4.3% to $172,600, the good news is that the month’s supply of resale homes was down 40.9% in November 2009, compared to November 2009. It now sits at 6.5 months.

Data from DataQuick Information Systems found that the medium price of resale homes and condos rose in 102 of 362 cities and communities over the past year.

Ann Arbor Home Sales are Up

Locally in Ann Arbor, single family home sales were up by 49% with prices staying essentially the same when comparing November 2009 to November 2008.    Price/SF was up slightly, while the average sales price was down to $265,549 from 272,000 in 2008.

Condo Sales Surge, Prices Drop in Ann Arbor

Ann Arbor Condominiums showed a completely different picture. Unit sales increased by 300% when comparing November 2009 to November 2008. However, prices dropped 26% in that same time period. The average sales price dropped from $206,166 in 2008 to $131,669.

For the full article go to http://www.inman.com/news/2009/12/22/nar-home-sales-spike-in-november

Let us know what your thoughts are about the market in Ann Arbor.  For any further information don’t hesitate to call Martin Bouma at 734-761-3060 or email him at bouma@bouma.com