Typically, there are fewer sales in January, and therefore the averages are thrown off a bit.  This year, the silver linings for January are the decreased number of listings coming on the market and the fact that there were more closings in January 2009 than January 2008.

Overall, the Washtenaw County housing market has further to decline in price, if it is to return to an even market. As Econ 101 taught us, when demand is steady, and inventory high, the only way to burn off the inventory is to lower prices

Or offer a tax credit for purchasers…

In an attempt to “juice” the housing market along, the Feds have apparently settled on a tax credit for first time primary residence purchasers. Effectively, this lowers the cost of purchasing that first home for many folks. This could help in moving properties in the first time home buyer price points.

Average List Price – Month 2008

Average list price for January was $184,414, down over 21% from January 2008.

Average Sales Price – Month 2008

The average sales price in Washtenaw County was $157,810 in January.  This is down nearly 25.5% compared to January 2008.

Number of Listings v Closings – Month 2008

# of New Listings: January saw 393 listings come on the market. That is a nearly 66.5% decrease in the number of new listings compared to January 2008. Keep in mind that the listings tracked here have not been scrubbed for re-lists or price adjustment re-listings. # of Closings: 192 closings in January 2008, nearly 8% more than January 2008.

Team366 | Ann Arbor Real Estate | Real Estate One

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