Sales in the first 4 months of 2012 have been very strong throughout the Ann Arbor region. Long-standing records were broken at Reinhart. We are seeing many areas moving into a “Sellers” market because homes are selling faster than new listing are arriving to the market. Prices have begun to rise in response to the supply shortage.
If you have been waiting for a healthier market to make your move, it is here. Activity is brisk, with buyers feeling an urgency to act while affordability is still good and interest rates remain historically low.
For sound advice and help creating your real estate plan, contact a Reinhart Realtor today.
Low interest rates, pent up housing demand, and inventory shortages are fueling activity in the Ann Arbor area real estate market. The pace of 2012 is setting records at the Charles Reinhart Company. New listings are up 13% this quarter compared to the first quarter of 2011 and sold properties are up 27% compared to the first quarter of 2011. This is great news for people who have been waiting for the market to improve.
If you have real estate needs in 2012, we have what it takes to do the job for you. Let us earn your business by helping you explore your options. We will explain pricing, financing, the new regulations and lay out the pathway for you to achieve your goals. Start today by contacting a Reinhart Realtor.
*Based on information from the Ann Arbor Board of Realtors Multiple Listing Service for the period of 1/1/2012 – 3/31/2012
We have been telling you about the listing shortage that has occurred due to the unusual fall surge of sales activity clearing out our inventory. There has been no letup in January or February.
The numbers of listings and sales have broken Reinhart records. The mild winter and an improvement in consumer confidence are factors. Also, continuing low mortgage rates and affordable home prices are bringing buyers into the market.
If you are like many people who would like to sell your home, but don’t want to make the wrong decision about timing, here are some things to consider. First, the law of supply and demand will drive prices up, but experts agree the climb will be very slow. Waiting for prices to increase is “lost opportunity” to improve your quality of life much sooner. Second, achieving the best price is more likely to occur when there are fewer homes on the market than there are buyers out shopping.
Our best advice is to list now, before the spring rush is in full swing, and it is a fact that the spring rush is starting earlier than usual this year!
Contact a Reinhart Realtor today for help creating your real estate plan.
2011 ended on a strong note for the housing market in the Ann Arbor region. The improving local economy has gotten people off the fence and out shopping for new homes. An unusual fall rally has left the inventory of available properties low as we being 2012.
Home prices are beginning to rise and we have moved toward a seller’s market in some areas, but economists are in agreement that change will be very slow. Waiting for values to approach where they were before the recession could take many years.
If you’ve been waiting to sell your home, consider acting now instead of waiting until spring. The balance has shifted and there are more buyers than sellers. Listing before the spring wave of homes hits the market can put your home in a more favorable competitive position and result in a higher price.
For sound advice and help creating your real estate plan, contact a Reinhart Realtor today.
Reinhart Associates worked harder than ever under challenging economic conditions in 2011 to accomplish 2,267 successful transactions for our clients.
If you have any real estate needs in 2012, we have what it takes to do the job for you. Let us earn your business by helping you explore your options. We’ll explain pricing, financing, the new regulations and lay out the pathway for you to achieve your goals.
Start today by contacting a Reinhart Associate.
*Based on information from the Ann Arbor Area Board of Realtors Multiple Listing Service for the period of 01/01/2011 – 12/31/2011.
Analyst Stephen Kim of Barclays Capital, a global investment banking division of Barclays Bank PLC, predicts a housing recovery in 2012. Citing recent economic data such as high job creation, housing starts and improved homebuyer traffic as indicators of improvement potential.
“In the absence of a government homebuyer incentives, prices for non-distressed home sales have stabilized for almost a year,” Kim said. “This is the most important trend in the housing industry right now, and we are amazed at how little attention it has been getting from the media and the street. This stability on the part of nondistressed prices has occurred despite a very high share of distressed activity and continued declines in overall prices.”
The key to timing the housing’s recovery, according to Stephen Kim, depends primarily on when first-time buyers feel that it is safe to buy a house.
To read the complete article, go to housingwire.com.
Reinhart home sales in October and November this year were up 15% over the same period last year. Reinhart average sale prices have risen 4.8% in 2011 so far.*
National Media Stories:
*Based on information from the Ann Arbor Area Board of Realtors Multiple Listing Service for the period 1/1/2011 – 11/30/2011.
Realtor.com compiled a list of the top ten turnaround towns in the United States. Several factors were analyzed including unemployment rates, annual changes in median list price, median age of inventory and total listings. According to Realtor.com, the top ten turnaround towns show the greatest promise for growth and price appreciation despite the national economic situation.
With prices up and inventory down, Ann Arbor rounded out the top ten. According to Realtor.com’s October data, median list prices increased more than 8% year-over-year, while total inventory is down almost 25%. In addition, home sale prices are also steadily increasing, 4.4% for the year to be exact. Realtor.com also stated that the supply of homes is now considered balanced, with a 6.8 month supply of inventory at the current rate of sale, a decrease of 11% over last year’s numbers.
The Top Ten Turnaround Towns include:
- Miami, Florida
- Orlando, Florida
- Fort Myers – Cape Coral, Florida
- Phoenix – Mesa, Arizona
- Fort Lauderdale, Florida
- Sarasota – Bradenton, Florida
- Lakeland – Winter Haven, Florida
- Boise City, Idaho
- Fort Wayne, Indiana
- Ann Arbor, Michigan
The Charles Reinhart Company achieved additional market share growth in both Ann Arbor and Washtenaw County during the second quarter!
*Based on information from the Ann Arbor Board of Realtors Multiple Listing Service for the period of 1/1/2011 – 6/30/2011.
My friends and acquaintances no longer speak in funeral tones when asking me about the real estate market. But they are still very tentative when they pose the “Is the market picking up?” question, and surprised when I answer, “Yes!” As the chart below indicates, local sales of homes and condos have been rising for more than 3 years. January/February sales this year are up 8.8% over last year. This 2 month period to start the year is the 4th best of the past 13 years.
But confusion and negative perceptions are natural. The Wall Street Journal reported on March 22, 2011 that the National Association of Realtors said sales are down 9.6%. The Journal also quoted an economist who said, “The housing market is clearly years away from staging any meaningful recovery.” REAL ESTATE IS LOCAL! On March 15th, U of M economist George Fulton and George Grimes predicted Washtenaw County job growth of 8,840 jobs in 2011-2013, and estimated that 4,087 jobs were created in 2010. The Ann Arbor area is performing strongly.
Given the rising tide of demand, what is puzzling is the precipitous decline in new listings coming to the market. Listings have declined 4 year running. It is an excellent time to sell your property. Spring has arrived, interest rates are below 5% and the competition for properties on the market is low in many areas. If you need or want to sell, now is a great time to do so. Contact a Reinhart Realtor today!
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