August home sales data: Ann Arbor area housing market softens
Home sales in the Washtenaw County area fell 18 percent in August compared to the same month's sales in 2008, according to data just released by the Ann Arbor Area Board of Realtors.
At the same time, condo sales climbed 28 percent to 75 units sold in August.
However, the August sales volume of $55.8 million was just over $19 million less than in August 2008, underscoring concerns that the market continues a pricing freefall.
Listings continue to fall, too, giving rise to hopes the buyers' market of recent years will abate due to less inventory. With 528 residential listings and 118 condos coming onto the market in August, that's a combined 23 percent drop in the number of listings - a percentage that mirrors the year-to-date drop in listings of both houses and condos since 2008.
The median sales price for condos fell 28 percent to $115,000 - also the year-to-date average - compared to $148,000 in 2008.
The median sales price for houses fell 8 percent to $169,400, while the year-to-date median is $151,350.
The residential average days on market fell to 71 from 80. In Ann Arbor, the average market days was 65; the highest in the county was in the Saline area, at 105. Areas where days-on-market improved in August include Ypsilanti (73 compared to 91 in 2008) and the Lincoln Consolidated Schools (65 compared to 82 in 2008).