2008 sales report
DESCRIPTION
A quick, 3 minute overview of the Ann Arbor Real Estate Market. Historical sales stats, trends, an explanation of the market shift, and what it means for 2009.TRANSCRIPT
![Page 1: 2008 Sales Report](https://reader036.vdocuments.site/reader036/viewer/2022081414/54c0ba544a795910058b45af/html5/thumbnails/1.jpg)
Ann Arbor Michigan Real Estate
2008 Annual Report
![Page 2: 2008 Sales Report](https://reader036.vdocuments.site/reader036/viewer/2022081414/54c0ba544a795910058b45af/html5/thumbnails/2.jpg)
The “Big” House
![Page 3: 2008 Sales Report](https://reader036.vdocuments.site/reader036/viewer/2022081414/54c0ba544a795910058b45af/html5/thumbnails/3.jpg)
Reasons for Optimism
U. of Michigan Purchase of Pfizer Facility
5,000 New Jobs in County in Next 2 Yrs.
Washtenaw Most Solid County in State, will be the First to Rebound.
Many Small and Growing Biotech, Healthcare, and Internet Firms.
![Page 4: 2008 Sales Report](https://reader036.vdocuments.site/reader036/viewer/2022081414/54c0ba544a795910058b45af/html5/thumbnails/4.jpg)
Ann Arbor SFH Sales in Units -21.1% Since 2005
0
500
1000
1500
2000
2500
3000
3500
4000
2004 2005 2006 2007 2008
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SFH Average Sales Price (County) -19.7% Since 2005
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2004 2005 2006 2007 2008
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Ann Arbor Area SFH Avg. Sales Price -15.4% Since 2005
$260,000
$270,000
$280,000
$290,000
$300,000
$310,000
$320,000
$330,000
$340,000
$350,000
2004 2005 2006 2007 2008
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Washtenaw County Foreclosures
0
200
400
600
800
1000
1200
1400
1600
2002 2003 2004 2005 2006 2007 2008
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Historic Home Sale Distribution
Traditional
Leases
Bank Owned
Short Sale
Traditional = 90.5%
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Current Home Sale Distribution
Traditional
Leases
Bank Owned
Short Sale
Bank Owned, Lease & Short Sales = 84%
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How This Impacts Your Homes Value
Bank Owners in “Fire Sale” Mode. Houses sell at below market value. Appraisers appraise based on sales
price, they no longer separate out foreclosure/ non-foreclosure sales.
Below market sales pulls down all values
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What This Means for 2009
Your homes value is 20% less than it was 2 years ago.
There will be more foreclosures in your neighborhood.
If you don’t have to sell, don’t sell If you want to buy, buy.
![Page 12: 2008 Sales Report](https://reader036.vdocuments.site/reader036/viewer/2022081414/54c0ba544a795910058b45af/html5/thumbnails/12.jpg)
Bundesen Team
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