Ann Arbor area home sales continue to decline

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Local home sales continued to fall in July based on comparisons to 2006 released this morning by the Ann Arbor Area Board of Realtors.

Residential listings dropped 6 percent in July when compared to July 2006, but sales also dropped - by 9 percent in the same period, with 342 units sold.

Condo listings also fell, with 15 percent fewer units added to the region's inventory. Sales fell by 20 percent - representing 20 units - in July.

Totals for 2007 show continuing concerns over the market: Through July, residential sales fell 13.5 percent year-to-date and condo sales fell 18.4 percent.

The dollar volume of sales reported through the AAABOR is off 19 percent - or just over $102 million - so far this year. Condo volume is off 15 percent, or just over 13 million.

Among the listings, homes in the Dexter area climbed by the highest percentage, with a 30-percent jump from July 2006. Ann Arbor listings remained flat in July comparisons over 2006, going from 286 to 284.

Sales were higher in the Ann Arbor area, climbing from 131 to 156 as the average days on market grew from 49 to 54.

Meanwhile, overall days on market for condos fell from 128 to 81 in monthly comparisons.
Chart below from the Ann Arbor Area Board of Realtors and supplied by www.KathyToth.com

Click here for July Board Stats.

Kathy Toth & Team
http://www.kathytoth.com/