Market Conditions Update June 2012

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The June 2012 stats are in and we are seeing changes that are very specific to each individual market.  You need to be very careful in pricing your home to sell, or buying a home, depending on which area you are in.

ANN ARBOR:

Ann Arbor has flipped to a Sellers Market – the lack of inventory for the number of buyers is inciting bidding wars and homes flying off the market in a matter of hours, at times!  The number of homes sold in June was 154 (over May’s 114) with the average sold price soaring from $269,000 to $297,000.  The number of days on market decreased from 67 down to 49.

DEXTER:

Dexter is one of the areas that significantly changed. It is definitely a strong Sellers Market. Inventory is fought over. The number of homes sold in Dexter increased from 15 in May to 27 in June with the average sale price soaring from $219,900 to $275,000.

CHELSEA:

Chelsea is experiencing a Sellers Market, but only to the extent that you CAN sell right now. We do have double the homes on the market since May, with the number of Days on Market decreasing to half the amount of time (57 days), HOWEVER, the average sale price dropped from $224,000 down to $193,000.

GRASS LAKE:

Grass Lake is basically a neutral market. Although there was a slight increase in the number of homes sold, there was a slight decrease in the average sale price from $213,000 down to $202,000.  The extreme change was in the number of days on market which increased from 27 to 103.

MANCHESTER:

Manchester is also experiencing a Sellers’ Market. Although the number of homes sold in May vs. June did not change, the Days on Market reduced from an average of 415 days to 42 days. The average sale price did decrease from $185,000 in May down to $169,000.

PINCKNEY:

Pinckney experienced a dramatic change in market conditions.  Not only did the number of homes sold go from 40 in May to 60 in June, the average sale price jumped from $169,000 to $185,000.  The average Days on Market followed suit from 100 down to 71.

SALINE:

Saline’s market is still gaining speed.  The number of homes sold nearly doubled from 23 in May to 42 in June.  The Days on Market dropped from 88 to 64, but the average sale price did decrease from $314,000 to $287,500. Condo and vacant land info is also available.

WHITMORE LAKE:

Although Whitmore Lake’s market statistics show a decrease in number of homes sold, the increase in the average sale price doubled from $109,500 to $222,500.  The Days on Market increased slightly from 56 days up from 40 days.

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