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For immediate release
February 10, 2011
Ann Arbor Area Board of REALTORS®
Real Estate Sales Post Strong Start
Real estate sales for January 2011 are up 15.7 percent over January of last year, according
to data released by the Ann Arbor Area Board of Realtors. Sales of single-family homes are
up 8.5 percent and condominiums posted an increase of 26.6 percent over last year. These
numbers follow strong activity in December, capping a year of positive gains for 2010. The
average residential sale price shows a modest increase over last year at this time, at
$167,745.
Lawrence Yun, National Association of Realtors chief economist, said sales are on an
uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The
pattern over the past six months is clearly showing a recovery,” he said. “The December
pace is near the volume we’re expecting for 2011, so the market is getting much closer to
an adequate, sustainable level. The recovery will likely continue as job growth gains
momentum and rising rents encourage more renters into ownership while exceptional
affordability conditions remain.”
“Modest gains in the labor market and the improving economy are creating a more
favorable backdrop for buyers, allowing them to take advantage of excellent housing
affordability conditions. Mortgage rates should rise only modestly in the months ahead, so
we’ll continue to see a favorable environment for buyers with good credit,” according to
Yun.
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Important Note: Beginning January 1, 2011, the monthly statistical report has changed to
reflect only new listings reported in that month. The “Listings” title has been changed to “New
Listings” and the 2010 numbers have been recalculated using the system list date so year-toyear
comparison will be more accurate.
Due to sample size, data by school district may not provide an accurate picture of activity.
The “Monthly Housing Statistics” published each month by the Ann Arbor Area Board of
REALTORS® represent the housing activity of the Multiple Listing Service and not necessarily all
the housing activity that has occurred in Washtenaw County. If you would like more details or
information about our statistics, please email mls@aaabor.com.
Days on market (DOM) figures are indicated only for that particular current listing. If the property
was taken off the market and then re-listed, the count starts over and would not necessarily
reflect the total days the property has been available for purchase since it was first made
available.
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