On the heels of the economic recovery rumor, reports in November 2010 seem to reflect the growing positive murmur around the real estate business. Inventory is progressively becoming a less prominent problem since April 2010’s high of 9.8 months. November shows only a 7.9 month of residential inventory.
In addition to the decline in inventory, average sale price also went up to $180,491. Interest rates seemed to have bottomed out as this upward trend just started to occur in November.
The Condominium market continues to pick up as well. Due to inventory numbers being down, number of sales continuing to trend up and the number of new listings are still trending down, the Condo market is ripe for a good January.
“These numbers bode well for Michigan real estate. With initiatives like Ann Arbor SPARK and small business loan funding from federal funds, Michigan’s job market is rehabilitating with moves to bring talent back to Michigan,” said John Mullins, Owner of Ann Arbor based Divine Realty. “We are excited to see our sales increase as the economy stabilizes and look forward to seeing more families move back to Ann Arbor, Saline, Dexter and Chelsea.”
About Divine Realty:
Divine Realty is an Ann Arbor based real estate company with featured residential and commercial properties in the Washtenaw community. A full service agency, Divine Realty has over 25 years of experience in sales, finance and marketing. Divine Realty is a Keller Williams Affiliate.
Divine Realty was co-founded by John Mullins with a passion for bringing innovative ideas in real estate to the Ann Arbor area. The agency has a strong network in Washtenaw County with a concise focus on working together with other sectors in the community to service families and businesses in Michigan.