Was your house one of the 723 Sold properties in Ann Arbor, Michigan over the past 6 months? Ann Arbor homes will sell quickly when priced and marketed properly.
There were 238 homes that sold in a price range of $200K – $300K. This was the largest segment of active listings @ 129 out of the total number of active listings of 486. In this price range the average list price was $254,447. This price range averaged 53 days on market. The average sales price was $242,634. During this 6 months there was an approximate 3.3 months of inventory available pushing toward a Sellers Market.
The 3.3 months of inventory is determined by knowing the total number of active listings (homes currently for sale) and the total number of homes that sold over a specific period of time. Take the total number of sold homes that you are comparing, in our case 238 divide by 6 months = 39.66. Then take the total number of active listings you are comparing and this is 129 in our $200K – $300K segment and divide by 39.66 and you will get approximately 3.25 rounded to 3.3 as the Absorption Rate or Months of Inventory (before any new properties come on the market). Place this into a heat index, located along the right hand side of the chart below, shows the absorption rate of every segment of the inventory. The color Red indicates a favorable Selling Market and Blue indicates a Buyers Market. To read the complete report go to the ANN ARBOR REAL ESTATE MARKET REPORT FOR THE FIRST HALF OF 2012 published August 6, 2012.
Indicates a Sellers Market
In the Ann Arbor real estate market , the hottest segment, indicating a Sellers Market, comes from homes priced between $100K – $200K. This bracket comes in second for number of homes sold. There were 228 homes sold and the heat index shows an Absorption Rate at 2.9. If you have a home to sell in this price range do not hesitate to list your property today. Buyers are looking these home at a faster rate than all other segments.
Take a few minutes to review your price range. Homes in a price range of $0.00 all the way up to $499,999 with good location, curb appeal and staged for proper showings will sell the quickest. And this entire range is showing more favorably toward a Seller’s Market as well.
At the bottom of the chart the Median Market pricing shows that the listings priced at approximately $289,900 are on the market for approximately 54 days. But, when priced at a median price between $247,000 to $239,900 will sell at a median price of approximately $235,000 with an approximate 33 days on market.
Just click here to see a larger chart and to read the 4 page Ann Arbor Real Estate Market Report.
Monday August 6, 2012
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