Housing Market Continues to Grow in Chelsea

Things are looking up in the local real estate market based upon figures compiled from the Ann Arbor Area Board of Realtors (AAABOR).

Chelsea is not representative of the national market, even though those figures are on the incline 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. 

Total number of sales up 28.8 percent                                          

Average sales price up 12.5 percent

Another notable change in the market is that the average number of days that a house is on the market before sale has decreased from 101 days in 2011 to 78 days in 2012.

Of the total number of homes sold in 2012, 40 were foreclosures (bank owned) and 11 were short sales (homes sell for less than what is owed to the bank).

Clearly this is all good news for Chelsea homeowners. The trend of the market has switched from a buyer's market (when inventory is high and buyers are few) to a seller's market (high demand, low inventory), so 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 just like we already have. Once more, the figures here reflect the entire district.

If any reader wants these statistics for their specific neighborhood or their home, please contact me and I can provide the information for you.

Michelle Elie has been a Realtor with Keller Williams Realty for 13 years and is a resident of downtown Chelsea. She can be reached at 734-637-6376 or by e-mail at michelleelie912@gmail.com.