(Chelsea Update would like to thank Michelle Elie, a realtor with Keller Williams Realty for the information in this story.
Things are looking up in the local real estate market based on figures compiled from the Ann Arbor Area Board of Realtors.
What’s taking place in Chelsea is not representative of the national market place, even though those figures are on the rise as well.
I have examined the figures and compared the 2011 sales figures to the 2012 sales figures in the Chelsea School District. These numbers reflect the total number of single family homes that were sold in both years in the entire school district.
In 2011, a total of 146 homes were sold, while in 2012, a total of 181 homes were sold. The average price in 2011 was $181,622, while that number increased to $202,531 last year.
The total number of sales was up 28.8 percent and average sales increased 12.5 percent.
Another notable change in the market since 2011 is that the average number of days that a house is on the market before sale. This number has decreased from 101 days in 2011 to 78 days in 2012.
Of the total number of homes sold in 2012, 40 were bank-owned foreclosures and 11 were short sales– sellers sell for less than what is owed to the bank.
Clearly, this is good news for Chelsea homeowners.
The trend in the market has switched from a buyer’s market (when inventory is high and buyers are few) to a seller’s market (when high is demand and there is a low inventory). Thus, homes that are listed at a marketable price are being sold almost immediately, especially in desirable locations.
The last house I listed had an offer within three days, and the one before that took seven days.
Chelsea remains a highly sought after location to live and raise a family. The addition of the new restaurants downtown will draw more people to our town to fall in love with it as we have.
Once more, the figures here reflect the entire Chelsea School District.
If a reader wants these statistics for their specific neighborhood or geographic area, please contact me at 734-637-6376 or by e-mail at [email protected] and I can provide the information for you.
(Elie has been a realtor with Keller Williams for 13 years and is a resident of downtown Chelsea.)
