Ann Arbor Area Board of Realtors Numbers are In!
Well, the numbers just came in from the Ann Arbor Area Board of Realtors – Ann Arbor area real estate values are down 15.5%. This is a great figure, however, it’s much like saying the temperature in the USA is 82 degrees. What does that mean? Not a lot, because it doesn’t take into account the fact that the temperature can range from 10 degrees – 102 degrees depending on where you’re located. Well, home prices are just the same. Depending on where you live in Washtenaw County, your rate of decrease can vary dramatically.
Data collected from the Ann Arbor MLS shows that depending on the school district, there are large differences in market stats. Comparing data from the 4th Qtr of 2007 to the 4th Qtr of 2008, using price/Sq Ft as the true indicator of price, the chart below shows that the depreciation has ranged from a low of -7.1 in Chelsea to a high of -38.8% in Willow Run. Ann Arbor saw a drop of -7.6% putting it in the lower range.
| Average | Sales Price | Homes Sold | |||||
| 9/06-8/07 | 9/07-8/08 | % Change | 9/06-8/07 | 9/07-8/08 | % Change | ||
| Ann Arbor | $316,969 | $291,899 | -7.9% | 1100 | 1111 | 1.00% | |
| Saline | $315,456 | $302,634 | -4.1% | 265 | 294 | 10.94% | |
| Dexter | $324,668 | $285,914 | -11.9% | 241 | 263 | 9.13% | |
| Chelsea | $263,757 | $223,819 | -15.1% | 178 | 161 | -9.55% | |
| Ypsilanti | $143,497 | $104,586 | -27.1% | 274 | 263 | -4.01% | |
| Lincoln | $197,273 | $172,151 | -12.7% | 334 | 399 | 19.46% | |
| Manchester | $237,253 | $183,258 | -22.8% | 46 | 53 | 15.22% | |
| Milan | $209,871 | $146,983 | -30.0% | 88 | 109 | 23.86% | |
| Willow Run | $126,697 | $87,783 | -30.7% | 151 | 209 | 38.41% | |
| TOTAL | $265,556 | $224,223 | -15.6% | 2677 | 2862 | 6.91% |
| Price per SF | Average | SF | |||||
| 9/06-8/07 | 9/07-8/08 | % Change | 9/06-8/07 | 9/07-8/08 | % Change | ||
| Ann Arbor | 160 | 142 | -11.3% | 2005 | 2325 | 15.96% | |
| Saline | 136 | 122 | -10.3% | 2342 | 2449 | 4.57% | |
| Dexter | 143 | 117 | -18.2% | 2368 | 2427 | 2.49% | |
| Chelsea | 136 | 111 | -18.4% | 1984 | 2078 | 4.74% | |
| Ypsilanti | 107 | 72 | -32.7% | 1386 | 1434 | 3.46% | |
| Lincoln | 110 | 89 | -19.1% | 1823 | 1926 | 5.65% | |
| Manchester | 124 | 105 | -15.3% | 1981 | 1783 | -9.99% | |
| Milan | 116 | 86 | -25.9% | 1760 | 1721 | -2.22% | |
| Willow Run | 94 | 61 | -35.1% | 1347 | 1369 | 1.63% | |
| TOTAL | 137 | 114 | -16.8% | 1938 | 2093 | 8.00% | |
The Bouma Group | 564 South Main Street, Suite 100 Ann Arbor MI 48104 | Office: (734) 761-3060 Fax: (734) 761-1824