|Growth in Ann Arbor/Washtenaw Markets|
The expression that "real estate is local" could not be more true for our markets today. As we are bombarded with national media reports of declining prices and huge supplies of unsold homes, the sales data of the local Multiple Listings Service is quite encouraging. We are in our 26th month of an improving residential real estate market and the recovery is gaining momentum.
There are a lot of positives behind the trend. We've been blessed with low mortgage interest rates, and employment growth which has allowed a great reduction in homes for sale (50% fewer than 5/1/09). The Ann Arbor market stabilized in 2010 and will likely see modest price appreciation this year. It is encouraging that we are seeing improved demand and sales activity across more and higher price ranges.
There are also many new complexities in the market. Conditions are much softer outside of Ann Arbor. Saline, Dexter, and Chelsea markets are strengthening very gradually, and the Ypsilanti market has "re-set" at much lower price levels. The threat of new waves of foreclosures is much more pronounced out-county. Layered over the entire market are many new documentation requirements in the mortgage process, new appraisal regulations, and new procedures for all forms of "distress" sales. With sale prices down 30% on average in the marketplace, Realtors are earning their commissions!
At Reinhart, we've made good progress through the great recession and into recovery. We have maintained and strengthened our position as the area's leading brokerage. Today we enjoy 39%+ market share in Ann Arbor and a 30% market share of the entire MLS sales volume. In luxury home sales we're even stronger, with 44% and 42% respectively. I'm pleased to report that Reinhart's single family property management group currently manages 250 homes and condos in greater Ann Arbor. The rental market is hot, rents are rising, and demand from tenants is very strong. Last, Reinhart's Ann Arbor Mortgage Co.
is celebrating 15 years of successful operation and enjoying strong success.
Enough tooting our horn, we'll write again soon with new market observations. Have a great summer!
2011 Market Results
January 2011 - May 2011:
*Based on information from the Ann Arbor Area Board of Realtors from the
Multiple Listing Service for the period of 1/1/2011-5/31/2011.
Reinhart Rewards is a collection of valuable rewards and discounts on products and services for you and your home.
Featured Reinhart Rewards Partners:
Reinhart Reward offer: $50 off the purchase of 4 tires.
Reinhart Reward offer: Save up to $150 on a professionally installed system.
Reinhart Reward offer: Save 10% off your next project.
to learn more about Reinhart Rewards or to sign-up for the program.
We are collecting the following NEW items through Wednesday, June 15th:
- Health Care items
- Baby Clothes
- Baby Food
- Baby Gates*
- Digital Thermometers
- Potty Chairs
* We will accept gently used
Donations for the Community Baby Shower are being collected at all Reinhart Sales Offices.
Ann Arbor Mortgage
Ann Arbor Mortgage is a full service mortgage banker that has been established since 1996. Our seasoned staff of eight has over 160 years of combined experience helping people through the mortgage process. Since our opening we have successfully closed over 4,500 mortgages worth in excess of $685,000,000.
Charles Reinhart Company, Realtors
2200 Green Road, Suite E
Ann Arbor, MI 48105