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What’s Selling in the Ann Arbor Luxury Home Market?

Ann Arbor Real Estate Luxury Market ReportAnn Arbor Real Estate Luxury Homes

Just a quick observation about the Ann Arbor luxury home market. 2010 saw 9 sales over $1,000,000 which was a 125% increase over 2009. Many of us thought that this was a sign that the high end would not be as affected as the rest of the market. People with money want what they want, and with Ann Arbor being a wealthy community, we all assumed the trend would continue.
It looks like we may have been a little optimistic, as I analyze what’s happened so far in 2011. So far this year, there have only been 4 Ann Arbor home sales over $1,000,000, with the highest sale being $1,075,000.
On the supply side there are 20 homes for sale over $1,000,000 with 2 under contract – both located in Ives Woods – one of Ann Arbor premier neighborhoods.
What are your thoughts on where the Ann Arbor luxury market is headed?

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