First quarter results at the Charles Reinhart Company, Realtors in Ann Arbor support the idea that a real estate recovery is underway. For the quarter ended March 31, 2010, Reinhart President David Lutton reported that closed transactions were up 52% versus first quarter 2009. Dollar volume of the transactions increased 68% to $68,250,000, and Reinhart’s average sale price increased by 10% per transaction.
“Closed transactions don’t tell the whole story,” Lutton added. “The big news is that the number of signed purchase agreements increased by 80% versus 2009. Momentum is building. March results were second only to March 2004 in our Company’s history. It appears the market has entered a new phase of improved customer confidence.”
The Charles Reinhart Company is Washtenaw County’s residential sales leader. With over 160 associates in six offices, the company closed $380 million in residential and commercial transactions in 2009.