The Ann Arbor Area Board of Realtors has just released the statistics for home sales through the 3rd quarter of 2007.
Sales of homes fell 10.1 percent through the third quarter, with 2,388 homes having been sold through September, down from the 2,657 recorded in the same period in 2006. Listings decreased 5 percent, and the median sale price fell $6,000 to $217,000.
Sales of condos fell 15.7 percent through the third quarter to 537 units. In 2006, 637 condos had been sold in the same period. Listings for condos rose 3 percent, but the median price fell by $3,600.
While you could easily interpret this as gloomy news, I look at it this way: Nearly 2400 homes have new owners this year! It's not like NOTHING is selling.
When you notice that the median sale price has fallen since last year, you must understand that the homes that are selling are those that are priced right. See my earlier posts on this subject.
On another note, if you know anyone facing foreclosure, I read an interesting article recently on how to prevent foreclosure. Worth reading!