Ypsi home prices swinging up?
Submitted by murph on 22 October 2011 - 4:48pm. planning | ypsilanti
Last week, as part of the 3rd now-annual Ypsilanti City-wide Open House, I toured about 15 houses for sale around town. The only ones that might make me wish to "upgrade" all cost now at least what we paid for our house in mid-2006, which I colloquially refer to as "the peak of the market" in our neighborhood. This made me feel pretty good about my house, but, in combination with the latest discussions of the city budget, made me wonder where the market is at.
The Ann Arbor Area Board of Realtors handily provides monthly market reports of MLS listings and sales, broken out by school district. A little quick and dirty scraping and spreadsheeting later, and I can make a couple observations:
- Yes, mid-2006 was the peak of the local market, as measured by MLS sales. I'm again glad we limited our search to what we could afford on 20% down and a 15-year fixed rate mortgage.
- The average MLS sale price dropped from around $150,000 in late 2006-2007 to a plateau around $110,000 during the first-time homebuyer tax credit, then down to a low near $65,000 in spring 2009. From there, it was steady around $80,000 from summer 2009 until early 2011.
- The last 6 months have seen a decent trend upwards, with an average right around $100,000. The last year has been very choppy, though, with a lot of up and down from month to month.
So, should you be looking to buy a house in the greater Ann Arbor area, Ypsilanti's still a pretty good deal (yes, even with the tax rate), and there are some pretty decent houses available. From my tour, I might recommend you look at 302 N. Grove, 310 Maple, 1005 W. Cross, or, if you don't share my bias for the more historic homes, something like 915 Sherman or 1200 W. Cross.
Hit the attachment for the spreadsheet.