Ann Arbor Region is Leading the Real Estate Market Recovery

From the Reinhart Realtors Blog

September 24th, 2012  |  +Dave Lutton  |

    Nationally, residential real estate sales and prices are moving solidly into recovery. Through July sales are up 10.4% versus 2011 and prices have risen 9.4%.* The National Association of Realtors predicts strong continued growth in 2013.

But real estate is local, and in Ann Arbor this is old news. Sales here began to improve in the second quarter of 2009 and have continued to gain strength. Ann Arbor is running well ahead of the national recovery and for many reasons, that will continue:

  • University of Michigan is hiring and populating the NCRC (the former Pfizer campus)
  • Tech and start-up firms are hiring
  • The auto industry is back from the brink and growing in Southeastern Michigan
  • Interest rates are near all-time low levels
  • The market has largely absorbed the inventory of distressed properties (foreclosures – short sales)

The rate of recovery in our market is slower the further out from Ann Arbor one looks, but every community is significantly healthier than it was 12-24 months ago!

At Reinhart, we have been fortunate to capture much of the increased sales activity. Our market share has never been higher (45%+ in the Ann Arbor School District and 37% of the entire Multiple Listing Service as of 8/31/2012**) and we now exceed the combined sales totals of our three closest competitors.

We appreciate the support and confidence that our communities and friends have extended us. We stand ready to help, whatever the real estate need. Have a great fall, 2012!

*  Source: National Association of Realtors “Existing Home Sales Report” (7/31) ** Data from the Multiple Listing Service of the Ann Arbor Area Board of Realtors

Advertisements

About reinhartsouth

2008 wasn’t the best time to open a new office, but the Charles Reinhart Company looked to expansion as the way to ensure the future. Reinhart South, now located on the corner of State Street and Eisenhower Boulevard in Ann Arbor, opened January 7, 2008 in a small office on Washtenaw Avenue. Facing the bleakest economic situation since the great depression, Manager Dawn Foerg began the process of recruiting top real estate talent to the company. One agent at a time, South grew. By early 2009, 15 agents called the South office home. Still fighting the economic crises, the office grew to more than 40 licensed Realtors by the end of 2010. Today, South is among the five top producing offices in Ann Arbor.
This entry was posted in Real Estate News. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s