Real Estate
Housing Market Sees Positive Growth in Washtenaw County
Sales of residential properties were up 9.2 percent in 2012, according to the Ann Arbor Board of Realtors.
The housing market in Washtenaw County saw positive growth in 2012, according to a new report issued this week by the Ann Arbor Board of Realtors.
"(2012) was a very good year for residential real estate sales. Sales of residential properties were up 9.2 percent, compared to 2011," the AABR said in a press release.
The average sale price for homes in Washtenaw County was $210,616, an increase of 8.3 percent from 2011. Dollar volume for the year was up 19.2 percent, reflecting the increased market activity and higher sale prices. Sales of condos were up 12.7 percent from 2011, as well.
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In Dexter, 228 properties were sold in 2012, versus 188 in 2011. In Chelsea, 130 properties were sold, versus 167 in 2011.
The National Association of Realtors reports that the 2012 housing affordability index was the highest on record since recording began in 1970. The index is based on the relationship between median home price, median family income and average mortgage interest rate.
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This year is expected to be the third best on record in terms of household buying power, according to the National Association of Realtors.
Read the full report on the Ann Arbor Board of Realtors website.
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