Saline real estate market report for March 2014

Here’s the latest Saline real estate market report for March 2014.  This is an update to my monthly sales report from the beginning of the month.  (Original article by Vance Shutes).  Let’s take a look at how the market for Saline homes looks right now:

Each month, I review all of the homes for sale (column 2, “available”) in the Saline school district within defined price ranges (column 1), and those homes where the sellers have accepted a purchase offer from a buyer (columns 3 & 4 – Percent Pending).  I also review all of the sales in past 30 days in each price range (column 6).  The results for March 2014 are shown in the table below:

The number of homes actively for sale fell again this month, from 95 in February to 90 now – another seasonally-expected result, but still a decline – and most of it likely due to the continued bad weather!  Recall that we were in the 180’s last summer, and nearly 400 back in 2008.  When you’re buying a home, having plenty to choose from is a good thing.  When you’re selling a home, less competition is good, so having fewer homes on the market is  good for sellers - at least, for now.

The number of homes with a pending sale (where the seller has accepted an offer) rose significantly this month, from 28 last month to 48 now.  This is another seasonally-expected result - after all, we’re in the “Spring” selling season (though you wouldn’t know it from the weather!). 

The months of supply (an indication of how quickly homes are selling) is now at 9 months, which is well above our “normal” market range of 3-6 months. I wouldn’t worry too much about this – it’s only worse due to the bad weather (temporarily) suppressing sales.

Let’s take a look at the overall strength of the market for Saline real estate going back since 1996.

The chart above shows a historical view of the percent pending in the Saline real estate market.

You can definitely see the strength in our real estate market last spring (2013), when we hit the highest percent pending that we’ve ever hit since I’ve been recording data since 1996!  We have likely escaped our winter low in percent pending, and at 35% pending in March, we’re in very good shape for setting a new record high later this spring - as long as our inventory levels remain steady, and demand surges with the warmer weather.

I’ll continue to monitor our market conditions, which I review with home sellers when they are considering whether to market their home.  You can make better decisions when you know the overall condition of our market for Saline real estate.

If you want to be the first to know about conditions in the market for a Saline home or condo, please subscribe and get all the latest news from this blog delivered directly to your RSS reader or e-mail.

Saline is a great place to live, with great access to the freeways to Detroit, Jackson, Brighton, and beyond (via Metro Airport), which is only about a half-hour away.

At Mill Pond Park, you can picnic, fish, take your dog for a run, or sled in the winter.

In Saline, you’ll find Dan’s Downtown Tavern, Mac’s Acadian Grill, Brecon Grille, Mangiamo, and the Saline Inn.

Ann Arbor is only 10-minutes away, where you’ll find the University of Michigan campus, Briarwood mall, Hill Auditorium (for World-class musical performances), and the Ann Arbor Art Fairs in the summer.

If you have questions about your specific situation, or if you’re considering buying or selling any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market, and check out what others have been saying about me.  I’d be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.

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See you next time!                    

Saline Sales Report for November 2008

Here’s the latest Saline Sales report for November, 2008. This is an update to my regular market statistics which I report around the middle of the month. If you are interested in Saline real estate, here’s what happened in November, 2008.

Selling Prices
Saline Homes Active Sold Lowest Highest Months of Supply
City of Saline 85 5 $168,000 $463,500 17
Lodi Township 54 1 $498,200 $498,200 54
Pittsfield Township 66 7 $278,500 $377,500 9.4
Saline Township 19 1 $137,000 $137,000 19
York Township 48 3 $184,000 $190,000 16
Average 16

The average months of supply for November declined from 17.4 months in October. This continues a trend of improvement in the overall market for existing Saline homes.

Selling Prices
Saline Condos Active Sold Lowest Highest Months of Supply
City of Saline 31 0 -- -- --
Lodi Township 5 0 -- -- --
Pittsfield Township 6 0 -- -- --
Saline Township 4 0 -- -- --
York Township 0 0 -- -- --
Average --

While there were no condo sales in the Saline market for November, keep in mind that there was a 12.3 months of supply inventory of condos for sale during October, when there were 49 condos for sale. During November, the number of condos for sale declined slightly to 46 condos for sale, so the market for existing Saline condos continues to improve, as well.

If you’d like to keep up with the Saline real estate market, please subscribe to my blog. Thanks!

If you’re looking to buy or sell any Saline real estate, or have questions about your specific situation, you owe it to yourself to take advantage of my experience in the Saline market. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.

You can search for homes and condos in Saline here.

Saline market report for November 2008

Here’s the latest Saline market report for November, 2008. This is an update to my regular sales report which I reported earlier this month. If you are interested in a Saline home or condo, here’s how our market looks in November, 2008.

Each month, I review all of the homes for sale (column 2) in Saline within defined price ranges (column 1), and those homes where the sellers have accepted a sales offer from a buyer (columns 3 & 4 – Percent Pending). I also review all of the sales in past 30 days in each price range (column 6). The results for November 2008 are shown in the table below:

Using the data shown above, this month, let’s look at a chart of the number of months of inventory of homes for sale in Saline. The number of months of inventory is calculated by taking the total number of homes available for sale (column 2 above) divided by the number of homes which have sold in the past 30 days (column 6 above).

In the chart above, the blue bars show the number of months of inventory each month in 2007. The red bars show the number of months of inventory each month so far in 2008.

This chart clearly shows the continuing improvement we see in the Saline real estate market. Other than back in January, 2008, the level of inventory so far in 2008 is lower than in the same month in 2007. The figure for November, 2008 is that we have 11.4 months of homes to be sold. The figure for 2007 was 16.8 months of homes to be sold.

The holidays are right around the corner, and Saline homes and condos are still selling. I’ll continue to keep track of our market. Count on it!

If you want to be the first to know about conditions in the Saline market, please subscribe to my blog. Thanks!

What do you think? Do you see the market improving here in Saline? I’d love to read your comments on our market.

If you have questions about your specific situation, or if you’re considering selling your Saline home or condo, you owe it to yourself to take advantage of my experience in the Saline market. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.

You can search for homes and condos in Saline here.

Market Statistics for Saline - June 2008

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You can also visit my new Blog at http://www.salinemichiganrealestate.com/

As you all know, I review our market statistics around the middle of each month.What I'd like to focus on this month is the Saline Michigan real estate market.

The first chart I’d like to review is shown above. I’ve tracked real estate activity for the Saline Michigan real estate market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.

It’s no surprise to learn that we have been in a “buyer’s” market in Saline since the end of 2004 – more than three years, now.

What’s intriguing about this first chart is the strengthening of the Saline Michigan real estate market since January. What could be the cause of this?

This second chart (above) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Saline area. The lower line shows the number of homes sold each month.
In answer to my question posed above (What could be the cause of this?), the strengthening of the Saline Michigan real estate market since October is a direct result of fewer homes listed for sale. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!

Another interesting observation from the chart is that the number of sales in the Saline area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.
The final piece of the analysis of the strength of the Saline Michigan real estate market is the months of supply of homes presently on the market.

This table shows the “raw data” that makes up the charts shown above. On the far right hand side of this table shows the “Months Supply” in each price range. Rather than focus on any particular price range, it’s more helpful to understand the overall level of inventory of homes for sale.

As of mid-June, at the present pace of sales of homes in Saline, there are enough homes on the market to supply only 8 ½ months of demand. This is down significantly since February, when there was nearly a 20 months’ supply of homes for sale. In the past few years, it’s been typical to have about 6 months’ supply of homes for sale, so our market is improving toward our average.

If you’re considering selling your Saline home or condo, you owe it to yourself to take advantage of my experience and market understanding. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.

Saline Real Estate market conditions for May 2008

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As you all know, I review our market statistics around the middle of each month. What I'd like to focus on this month is the overall strength of the market in, and around, Saline.

The first chart I’d like to review is shown below. I’ve tracked real estate activity for the Saline real estate market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.

It’s no surprise to learn that we have been in a “buyer’s” market in Saline since the end of 2004 – more than three years, now.

What we see here in the middle of May, 2008, is a continued strengthening in the overall real estate market, going back to last October. The jump in strength from April to May is very encouraging, as we have reached a level unseen since the summer of 2005. So, the question to ask is “What could be the cause of this?”

This second chart (above) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Saline area. The lower line shows the number of homes sold each month.

In answer to my question posed above (What could be the cause of this?), the strengthening of the Saline market since October is a direct result of fewer homes listed for sale. Each month, there are fewer and fewer homes for sale in the Saline market. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!

Another interesting observation from the chart is that the number of sales in the Saline area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.

The final piece of the analysis of the strength of the Saline real estate market is the months of supply of homes presently on the market.

This table shows the “raw data” that makes up the charts shown above. On the far right hand side of this table shows the “Months Supply” in each price range. Rather than focus on any particular price range, it’s more helpful to understand the overall level of inventory of homes for sale.

As of mid-May, at the present pace of sales of homes in Saline, there are enough homes on the market to supply about 10 months of demand. This is down significantly since February, when there was nearly a 20 months’ supply of homes for sale. In the past few years, it’s been typical to have about 6 months’ supply of homes for sale, so our market continues to improve toward our average.

If you're looking to sell in this market, take heart! Call me!

Ann Arbor Market Statistics - April 2008

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As you all know, I review our market statistics around the middle of each month.What I'd like to focus on this month is the Ann Arbor real estate market.

The first chart I’d like to review is shown above. I’ve tracked real estate activity for the Ann Arbor market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.

It’s no surprise to learn that we have been in a “buyer’s” market in Ann Arbor since the end of 2004 – more than three years, now.

What’s intriguing about this first chart is the strengthening of the Ann Arbor market since January. What could be the cause of this?


This second chart (left) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Ann Arbor area. The lower line shows the number of homes sold each month.

In answer to my question posed above (What could be the cause of this?), the strengthening of the Ann Arbor market since October is a direct result of fewer homes listed for sale. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!

Another interesting observation from the chart is that the number of sales in the Ann Arbor area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.
The final piece of the analysis of the strength of the Ann Arbor real estate market is the months of supply of homes presently on the market.


This table (left) shows the “raw data” that makes up the charts shown above. On the far right hand side of this table shows the “Months Supply” in each price range. Rather than focus on any particular price range, it’s more helpful to understand the overall level of inventory of homes for sale.

As of mid-March, at the present pace of sales of homes in Ann Arbor, there are enough homes on the market to supply nearly 12 months of demand. This is down significantly since February, when there was nearly a 20 months’ supply of homes for sale. In the past few years, it’s been typical to have about 6 months’ supply of homes for sale, so our market is improving toward our average.

If you're looking to sell your Ann Arbor real estate in this market, take heart! Call me!

Market Statistics for Saline

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As you all know, I review our market statistics around the middle of each month.What I'd like to focus on this month is the overall strength of the market in, and around, Saline.

The first chart I’d like to review is shown below. I’ve tracked real estate activity for the Saline market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.

It’s no surprise to learn that we have been in a “buyer’s” market in Saline since the end of 2004 – more than three years, now.

What’s intriguing about this first chart is the strengthening of the Saline market since October. What could be the cause of this?

This second chart (above) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Saline area. The lower line shows the number of homes sold each month.

In answer to my question posed above (What could be the cause of this?), the strengthening of the Saline market since October is a direct result of fewer homes listed for sale. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!

Another interesting observation from the chart is that the number of sales in the Saline area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.

The final piece of the analysis of the strength of the Saline real estate market is the months of supply of homes presently on the market.


This table shows the “raw data” that makes up the charts shown above. On the far right hand side of this table shows the “Months Supply” in each price range. Rather than focus on any particular price range, it’s more helpful to understand the overall level of inventory of homes for sale.

As of mid-March, at the present pace of sales of homes in Saline, there are enough homes on the market to supply over 12 months of demand. This is down significantly since February, when there was nearly a 20 months’ supply of homes for sale. In the past few years, it’s been typical to have about 6 months’ supply of homes for sale, so our market is improving toward our average.

If you're looking to sell in this market, take heart! Call me!

It's the BIG SALE!

Now that the Holidays are past, retailers everywhere are fretting about how to get customers into their stores. In every newspaper around the country, there are full-color advertisements from retailers of every sort, exhorting us to visit their “Big Sale”.

A review of our market conditions here in January, 2008, reveals that the same thing is occurring in the Real Estate market, as well. Only, you’re just not seeing the big headlines.
So, let me be among the first in this area to trumpet the following headline:

It’s The Big Sale!

Seriously, never before in our history has there been such a big sale in the Real Estate market. When has there ever been this many homes available for sale? Never!

Just like in the retail business (when a retailer orders too many of a particular item, they have to lower prices to “move the goods”), the Real Estate market has been experiencing the same thing in our area.

There are many indications that overall prices of homes have come down 15-25% in our region since their peaks of 2003-2004. This is consistent with the retailers’ approach, as we Realtors are trying to “move the goods” for our clients. How? By offering some of the best homes at the best prices we’ve seen in many, many years!

On top of all of this, interest rates continue to be incredibly low, on a historical basis. Just this week, you could get a 30-year, fixed-rate mortgage, for an INCREDIBLE 5.75%.

So, never in our history have we had such a confluence of positives for the Real Estate market – plenty of homes to choose from, fabulous prices, and rock-bottom interest rates.

So, WHAT ARE YOU WAITING FOR?

I know, I know. It’s the economy, stupid (to quote a past President of the United States).

But, back to the matter at hand:

Here’s a chart of the market conditions for Saline, as of mid-January, 2008:

The top line on the chart shows the number of homes available for sale in the Saline area, going back to 1996. The number of homes for sale began to climb in 2004, and is only now showing some signs of a retreat. So, act fast to be sure to get the home you really want, while it’s on the market now.

The lower, blue line on the chart shows the number of homes which actually have sold each month, again going back to 1996. There is a remarkable resiliency in our market, which means that you can’t go wrong buying a home in the Saline market.

I’ve got many other charts like these, including areas like Ann Arbor, and the entire Washtenaw County marketplace. Let me know if you’re interested in a particular area, and we’ll talk.

By the way, I’ll be hosting an open house this coming Sunday, January 19, from 2-4pm, at 1513 White Street in Ann Arbor. It’s an affordable home in the Burns Park school district, priced at $225,000, with 3 bedrooms and 2 full baths. There’s also a walk-up basement, and a 2-car garage. You are welcome to visit!

December Market Statistics

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As you all know, I review our market statistics around the middle of each month.


What I'd like to focus on this month is the overall strength of the market in, and around, Saline.

The first chart I’d like to review is shown above. I’ve tracked real estate activity for the Saline market since 1996. There is a definite seasonality to the market – strength in the summer, weakness in the winter. A reading above 25% is a “seller’s” market, while a reading below 20% is a “buyer’s” market.

It’s no surprise to learn that we have been in a “buyer’s” market in Saline since the end of 2004 – more than three years, now.

What’s intriguing about this first chart is the strengthening of the Saline market since October. What could be the cause of this?

This second chart (above) shows 2 lines. The top line shows the number of homes available for sale (listings) in the Saline area. The lower line shows the number of homes sold each month.
In answer to my question posed above (What could be the cause of this?), the strengthening of the Saline market since October is a direct result of fewer homes listed for sale. How could this make the market stronger? Well, with fewer homes competing for the available buyers, it’s more likely that any of the homes listed for sale will actually sell during the month. That’s what we mean by a strengthening of the market!

Another interesting observation from the chart is that the number of sales in the Saline area has been rather consistent since 2005! In a previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now, and have been selling since 2005, are those that have consistency between the three "P's". Go back and check that post for a reminder.

So, if you're looking to sell in this market, take heart! Call me!

November Market Statistics

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In my previous post, we learned about the market statistics from the Ann Arbor Area Board of Realtors.

As you all know, I review our market statistics around the middle of each month.

What I'd like to focus on this month is the overall strength of the market in, and around, Ann Arbor.

The chart above shows 2 lines. The top line shows the number of homes available for sale (listings) in the Ann Arbor area. The lower line shows the number of homes sold each month. I've been collecting this data since 1996, so you can see some trends in the data. There is a definite seasonal trend for both listings and sales, but more pronounced for sales.

The great news is that the number of sales is rather consistent! The overall number of sales is down slightly (as you'll recall from the previous post, sales are down about 11% compared with the same period in 2006). But many homes are selling each month!

In another previous post, we learned about the three "P's" that you control when you sell. The homes that are selling now are those that have consistency between the three "P's". Go back and check that post for a reminder.

So, if you're looking to sell in this market, take heart! Call me!

Board of Realtors Market Statistics

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The Ann Arbor Area Board of Realtors has released their overall market statistics for October, 2007.

A quick review of the statistics shows that listings are down about ten percent compared with October of last year. Sales are down about eleven percent.

At the same time, the number of homes where the sellers have accepted a sales agreement increased from 55 in October, 2006 to 71 in October, 2007. This is a good omen for the future.

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!

Third Quarter Statistics

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!

More Statistics

As readers of my blog have already noted, I'm hooked on statistics. My exclusive "Total Market Overview" (or TMO, for short) has served me and my clients well since 1996.

But I'm not the only one who tracks statistics in the real estate market. Our local Board of Realtors also keeps track of market statistics every month. Here's their latest commentary:

For the second month in a row, the average list and sales prices are up over last year for
residential properties, according to the Ann Arbor Area Board of REALTORS®. Average list
and sales price shows a gain of 9.33 percent and 6.75 percent respectively over last month
and an 8.06 percent and 7.28 percent over last year. While the total number of transactions
still trail over last year, activity has been good.

Lawrence Yun, senior economist for the National Association of REALTORS® said “There’s
been an unusual hit to home sales, starting in March when subprime problems emerged and
more recently when problems spread to jumbo loans, with many potential buyers on the
sidelines. However, the jumbo loan market is now beginning to settle, and FHA-insured
loans are helping to fill the subprime vacuum. Nationally, the volume of existing-home sales
this year will be better than 2002, which was the second year of the housing boom.”

The mortgage markets will calm further in the months ahead, but it’s important to
underscore the fact that conventional loans – the vast majority of available financing – are
available to creditworthy borrowers, “ Yun said. “FHA modernization could buffer the fallout
of subprime loans, which would raise our sales forecast in the future.”

If you'd like to see the statistics which the local Board tracks, you can see them here.

September Market Statistics

The middle of the month is when I regularly update my statistics for the health of the real estate market in Washtenaw County, so here's my analysis for September 2007.

The Ann Arbor market continues to be a strong "Buyer's Market". We have tested our market lows for percent pending (the percent of homes where the sellers have accepted an offer) at 9% in September (as compared with October, 2006). If we have truly hit our market lows for this year, then we will have established a strong base for the market. We'll have to watch this figure closely.

For those who are more detail oriented, here's the actual raw data from September, 2007 that makes up the chart you see above.

By price range, I keep track of the number of homes available, and the number of homes "pending" (where the sellers have accepted an offer).

What you see on the chart is the overall percent pending for the Ann Arbor market, which is at 9% for the month of September.

You'll also see that I keep track of the number of homes sold in the past 30 days in each price range. That helps me to keep track of how much inventory of homes we really have. Overall for September, you'll see that we have a 7 month inventory for Ann Arbor.

Since there are 870 homes available for sale in Ann Arbor at this time, and it's a strong buyer's market, consider adding an investment property to your portfolio. It's an easy time to buy right now.

I found a fascinating article at the Wall Street Journal about how easy it is to shop online for a home in the United States. Here's a quote from the article that I found most interesting:

But when you look at how real estate is listed and sold around the world, Denmark's system is the rule; the U.S. is the exception. It's not that American brokers don't want to control information on sales and price trends; it's simply that they can't. In the U.S, such information comes from public sources, like tax records and Census data, and is readily available online to anyone who wants to build a better Web site, as both Zillow and Trulia have done. In most other countries, such information flows far less freely and openly

Something to keep in mind as you're searching the web for your next home.

August Market Statistics

Since 1996, I have been keeping track of the residential real estate market strength in Washtenaw County. On the chart, you'll see the latest update for August 2007, including two horizontal lines, for "Buyer's" and "Seller's" market levels.

Let me explain the data that makes up this chart. I keep track each month of the number of homes available - that is, those that are actively being marketed. I also keep track of the number of homes that have gone "under contract" - that is, where the sellers have accepted an offer, but it hasn't closed yet. The chart shows the percentage you get when you divide the number of homes "under contract" by the number of active plus "under contract" homes. What this tells us, really, is the pace of sales.

You can see, right off the bat, that there is some seasonality to the chart. The highs are typically hit in June or July, with the lows in January or February.

At this time, (August, the middle of the third quarter of the calendar year), the Washtenaw County market is in "Buyer's" market conditions. What this means is that there are more homes coming on the market than are being sold, so that buyers have the ability to choose. Buyers also have the negotiating leverage, especially on price.

This chart shows the underlying data from the first chart. The upper line (black) shows the number of homes available for sale on the market, the lower line (blue) shows the number of homes where the sellers have accepted an offer.

It is very clear from this chart what the root cause of our “buyer’s market” really is – it’s the number of homes available for sale. Since 2003, the number of homes for sale has steadily increased – in fact, it has more than doubled! The good news out of this chart is that the number of sales has remained relatively stable, although the sales are clearly cyclical based on the calendar.

So what does this all mean to you? If you’re looking to sell, realize that you have A LOT of competition in the marketplace. It takes a skilled marketer to make your home stand out among the crowd. If you’re looking to buy, well, you have so many more homes to choose from, and no pressure to “buy now” before someone else comes along!

I look forward to your comments regarding this post.