Wednesday, October 17, 2007

Market Statistics

As regular readers of this blog know, I update my market statistics around the middle of each month. For October, let's take a look at both the Ann Arbor and Saline markets.

As you can see in the chart above, the Ann Arbor market has a tremendous imbalance between available homes and those where offers have been accepted. We see the typical seasonal decline in the number of homes available, as those who didn't sell during the summer take their homes off the market for the winter months. Snowbirds, maybe?

A very positive sign for the fall season is the uptick in pending sales in Ann Arbor. Typically, we don't see an uptick until mid-winter, as we approach the spring selling season. Maybe this is a good omen for the winter?

In Saline, however, we saw an uptick in the number of available homes, and a downturn in the number of homes where offers have been accepted. If the pace of sales continues to slow, while the number of homes available continues to rise, the Saline market will be looking at further price erosion, as we work off the inventory of homes available.

If you have any questions about these statistics or what they mean for your particular situation, please don't hesitate to e-mail me or call me. I love to talk about the Real Estate market!

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