The real estate market in Washtenaw County continues to show improvement, according to sales figures released by the Ann Arbor Area Board of Realtors®.
- December 2011 sales were just slightly more than December sales last year, at 326 units compared with 320 in 2010.
- A total of 4,064 units were sold for the year, which was 97 percent of total units sold in 2010.
- Dollar volume sold for the year is up 2 percent, thanks to a steady increase in sales price of residential properties.
- Average sales price for 2011 was $194,338, a 5 percent increase over the average sales price of $184,217 in 2010.
“The pattern of home sales in recent months demonstrates a market in recovery,” says Lawrence Yun, National Association of Realtors® chief economist. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”
As co-owner of Trillium Real Estate and 2012 President of the AAABoR®, I believe it’s also important to note that these market improvements we are seeing locally occurred without any added incentives, like the first-time homebuyer federal tax credit that gave our market quite a lift in 2010. This trending upward is happening organically.
Based on information from the Ann Arbor Area Board of REALTORS® Multiple Listing Service for the period 12/01/2011 through 12/31/2011.
About Linda Lombardini
