Factors Influencing the Washtenaw County Real Estate Market

Inventory

One of the biggest changes has been the significant decrease in inventory. In Ann Arbor we are entering 2012 with only 434 homes for sale, which is a 14% drop in inventory from 2011.  The Ann Arbor condo market has seen a 25% drop in inventory as we head into 2012 with only 203 listings. The decrease in inventory is even more stunning when compared to the peak years. Since 2007 the residential inventory in Ann Arbor has dropped  49.55%  and the condo inventory has dropped 69.8%.

Some of the decreases from 2011–2012 in other schools districts were as follows:

• Saline entered 2012 with 199 listings – a 3.86% drop in inventory
• Dexter  entered 2012 with 150 listings – a 23.8% drop in inventory.
• Lincoln entered 2012 with 164 listings – essentially the same as last year.
• Ypsilanti entered 2012 with 66 listings – essentially the same as last year.   In 2007 there were 289 listings, so this market has changed significantly.

Should inventory remain low,  the hope is that price increases will follow. The main reason for the decreased inventory is the fact that many seller’s are underwater with their mortgage and can’t afford to sell, so they stay put, or they rent their home.

Prices

Prices peaked in 2005-2006 when the average price/square foot in Ann Arbor was  $174/SF for the residential market and $145/SF for the condo market. Several of the sub-markets have seen small increases for 2 years in a row, and with decreased inventory, job growth, and low interest rates, the hope is that this will continue. I don’t see prices increasing too rapidly though. Every time prices increase a little, there will be a surge of sellers who will now have enough equity to sell their home, which will keep a lid on huge price increases.

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Ann Arbor Condo Real Estate Update – February 2012

Heatherwood Condos, Ann Arbor is a moderately sized complex with a convenient south side location. The great facilities include an in-ground pool, clubhouse, volleyball, picnic areas and more. There are currently 2 condos for sale, 2 for rent, and since our last update in September, 2 units have sold.

Condos Listed for Sale:

• $79,900. 1252 square feet with 2 bedrooms and 2 baths. Foreclosure & Sale Pending
• $125,000. 1190 square feet with 2 bedrooms and 2 baths. Short Sale

Condos for Rent:

• $1200/month. 1100 square feet with 2 bedrooms and 2 baths.
• $1300/month. 1252 square feet with 2 bedrooms and 2 baths.

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Where is the Ann Arbor Real Estate Market Headed?

Optimism has returned to the Ann Arbor real estate market.  While values are still anywhere from 10-65% below the historic highs, they are no longer in a free fall. Ann Arbor homes are an incredible value right now. Low interest rates + the lowest prices in years = opportunity. I don’t believe that this opportunity will last much longer due to a lack of inventory. Most of the leading indicators show a lack of supply and strong demand. Job growth, lack of new construction, and low interest rates have nudged buyers back into the market. Low inventory, decreasing foreclosures, and slowly rising prices are beginning to nudge sellers back into the market. Both of these trends bode well for a healthy real estate market in Ann Arbor.

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Ann Arbor Real Estate Update – January 2011

Waterways Subdivision, Ann Arbor is a luxurious neighborhood of fine homes on larger lots, many with wooded or pond views. Homes have an Ann Arbor mailing address, but children attend Saline Schools, so many refer to it as a Saline Subdivision. There are currently 2 homes listed for sale and in 2011, 2 homes sold.

Homes Listed for Sale:

• $439,900. 3589 sq. ft. +1202 in finished lower level, 4 bedrooms and 4.1 baths. Sale Pending.
• $499,900. 3769 sq. ft. +370 in finished lower level, 5 bedrooms and 3.1 baths. Sale Pending.

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Ann Arbor Real Estate Update – January 2011

Lansdowne Subdivision is an established Ann Arbor neighborhood of quality built homes. Located within walking distance of Pioneer high and close to downtown Ann Arbor, this is a popular choice for Ann Arbor home buyers. There are currently 5 homes listed for sale, and in the past 12 months, 8 homes have sold.

Homes Listed for Sale:

• $295,000. 2322 square feet with 4 bedrooms and 2.1 baths. Foreclosure & Pending Sale
• $299,900. 2152 sq. ft. +580 in finished lower level, 5 bedrooms and 2.1 baths. Pending Sale
• $300,000. 2523 square feet with 4 bedrooms and 2.1 baths.
• $300,000. 2300 square feet with 4 bedrooms and 2.1 baths. Pending Sale
• $355,900. 2480 sq. ft. +798 in finished lower level, 4 bedrooms and 3.2 baths.

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Inventory for Ann Arbor Homes Down 14%

As you can see in the graph above, the overall Ann Arbor Real Estate market is in a balanced market, with many price points in a seller’s market. When compared to last month, inventory is down by 14%, making this a great time to sell your Ann Arbor home.

The Bouma Group tracks all aspects of Ann Arbor Real Estate, including: Ann Arbor subdivisions and neighborhoods, Ann Arbor condos, and specific prices points. We also keep detailed reports for the Dexter Real Estate and Saline Real Estate markets. To find out more about this month’s data, or to discuss what is happening in your neighborhood, contact us today at 734-761-3060 or info@bouma.com – we love to talk about Ann Arbor homes!

Ann Arbor Luxury Home Update – January 2012

Walnut Ridge Subdivision is a prestigious community of Ann Arbor luxury homes. The setting is gorgeous, with large lots backing to woods, nature areas and ponds. There is currently 1 home listed for sale and in 2011, 8 homes sold.

Home Listed for Sale:

• $689,900. 3792 square feet with 4 bedrooms and 3.1 baths.

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Ann Arbor Real Estate Report – January 2011

Vernon Downs subdivision, Ann Arbor is a mature neighborhood with a great location within walking distance of Pioneer High. Constructed by renowned Airey in the 1950′s and 60′s, these Ann arbor homes are admired for their quality construction and features. There are currently 7 homes listed for sale and in the past 12 months, 19 homes have sold.

Homes Listed for Sale:

• $189,900. 1395 square feet with 4 bedrooms and 1.1 baths.
• $190,000. 1131 square feet with 3 bedrooms and 1 bath. Under Contract
• $199,000. 1372 square feet with 3 bedrooms and 2 baths.
• $210,000. 1395 sq. ft. +400 in finished lower level, 3 bedrooms and 1.2 baths.
• $215,000. 1251 sq. ft. +750 in finished lower level, 3 bedrooms and 1.1 baths. Under Contract
• $219,000. 1131 square feet with 3 bedrooms and 1 bath.
• $219,000. 1660 square feet with 3 bedrooms and 1.1 baths.

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Ann Arbor and Saline Real Estate Report – December 2011

Stonebridge Estates subdivision is part of an expansive, upscale community in a beautiful golf course setting. It is made up of condominium and residential neighborhoods with half in the Ann Arbor school district and half in the Saline school district. There are currently 5 homes listed for sale, 3 for rent, and so far this year, 10 homes have sold and 2 have been rented.

Homes Listed for Sale:

• $449,000. 2400 square feet with 3 bedrooms and 2.1 baths.
• $529,000. 3085 sq. ft. +1000 in finished lower level, 5 bedrooms and 4 baths.
• $575,000. 3340 sq. ft. +2000 in finished lower level, 3 bedrooms and 4.1 baths.
• $599,900. 3240 sq. ft. +1000 in finished lower level, 4 bedrooms and 4.1 baths.
• $725,000. 2601 sq. ft. +2244 in finished lower level, 4 bedrooms and 3.1 baths.

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Ann Arbor Real Estate Update – December 2011

St. James Woods is a newer Ann Arbor subdivision located in Pittsfield Township with Saline Schools. The homes have a beautiful, wooded setting and are packed with upgraded features. There are currently 0 homes for sale and so far this year, 0 homes have sold.

Due to the small size of this Ann Arbor neighborhood, homes rarely come up for sale. To receive instant notification of new listings at St. James Woods, or the nearby Stonebridge Estates, The Waterways, or Lohr Lake Village subdivisions, contact Ann Arbor real estate specialists at The Bouma Group today at 734-761-3060 or info@bouma.com. And to view floor plans, by-laws, site maps and current listing and sold data, visit the Ann Arbor Subdivision Hotline here!