Washtenaw County Real Estate Values Steady

Real Estate values for Washtenaw County school districts have leveled out, in general, as the 2012 market begins. All areas saw a sharp decline in the average price per square foot beginning in 2005, and most saw the bottom in 2009. Since the lows of ’09, the price per square foot has started to slightly rise in some areas and slightly fall in others.

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Ann Arbor Real Estate Report – February 2012

Ann Arbor Woods is a charming Ann Arbor neighborhood filled with a variety of home styles on tree-lined streets. There are currently 3 homes listed for sale, and since our last real estate market update 13 homes have sold.

Homes Listed:

• $204,400. 1137 square feet with 3 bedrooms and 2 baths. Sale Pending
• $224,900. 1305 sq. ft. +800 in finished lower level, 4 bedrooms and 2 baths.
• $215,000. 1632 square feet with 3 bedrooms and 2 baths.

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Ann Arbor Real Estate Update – February 2012

Ann Arbor Hills, Ann Arbor luxury homes. There are currently 3 homes listed for sale and since our last Arbor Hills real estate update, 4 homes have sold.

Homes Listed for Sale:

• $414,000. 1492 sq. ft. +800 in finished lower level, 3 bedrooms and 2 baths. Sale Pending
• $459,000. 1872 sq. ft. +500 in finished lower level, 4 bedrooms and 3 baths.
• $510,000. 1674 sq. ft. +1300 in finished lower level, 3 bedrooms and 3 baths.

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Ann Arbor & Saline Real Estate Update – February 2012

Diuble Meadows is a lovely country subdivision with Saline schools and an Ann Arbor mailing address. Homes were constructed in the past decade and feature many upgrades and a peaceful setting. There is currently 1 home listed for sale and in the past 12 months, 2 homes have sold.

Home Listed for Sale:

• $344,900. 2250 square feet with 4 bedrooms and 2.1 baths. New Construction

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Ann Arbor Condo Inventory Is On The Rise

To find out more about these Ann Arbor Condo statistics, or how prices are faring in your particular complex, contact The Bouma Group today at 734-761-3060 or info@bouma.com. We track all Ann Arbor Real Estate by price point, complexes, and more! Visit our website at www.bouma.com where you can search the Ann Arbor MLS, view last months condo market update, or read our informative blog for buyers and sellers.

Ann Arbor Home Sales Are On The Rise

To find out more about these Ann Arbor home statistics and where we think the Ann Arbor real estate market is heading, contact The Bouma Group at 734-761-3060 or info@bouma.com. We track all by price point, neighborhoods, schools, and more! Check out our website at www.bouma.com where you can search for homes in the Ann Arbor MLS, view information for all Ann Arbor Subdivisions, or read our informative Ann Arbor real estate blog for buyers and sellers.

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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