As the graph below indicates, 2012 was a very strong year at Reinhart. In fact, it was a record year for closed sales (2828), $ volume closed ($664 million) and for market share (45%+ in Ann Arbor and 36%+ for the entire Multiple Listing System).
Sales through the entire MLS rose 9.7% in 2012 and average residential sale prices grew by 8.4% v. 2011. Reinhart accounted for most of the industry increase as its sales rose 25.2% v. 2011. Sales improvement was broad based across the county. Each of the following school districts enjoyed improved sales: Ann Arbor, Ypsilanti, Saline, Dexter, Chelsea, Whitmore Lake and Milan.
We’re pleased with this success and excited about the strength of the real estate recovery in Washtenaw County and southeast Michigan. With interest rates still near record lows and the economy gaining momentum we’re witnessing record buyer demand in the marketplace.
January 2013 was the strongest on record for purchase agreements executed. This reality has left us with an actual shortage of homes for sale as we begin February. My, how things have changed in a few short years!
This imbalance in supply and demand is driving prices higher. There is certainly room for that, as Ann Arbor/Washtenaw County home prices are still 10-30% below the 2005-6 price peak. So it’s a wonderful time to be a seller of real estate, and extremely competitive if you are a buyer.
As the year begins, we’re focusing on getting better in the ways we serve all of our clients. One challenge has been mastering the new software package for the Ann Arbor Area Board of Realtors Multiple Listing Service. The new technology was clearly needed, but change is hard and the industry is scrambling to master the new tools. For Reinhart agents this has meant lots of special classes.
But, we will be ready for the heightened activity of the spring market. If you or your friends are ready for your next real estate action step, don’t hesitate; contact a Reinhart Realtor or me personally. And have a terrific 2013!