Hot Market: Michigan Market Not Just About Auto Industry
Ann Arbor, Michigan's market has begun the swing toward normalcy as foreclosures are driving up pending sales statistics, according to the Ann Arbor Area Board of Realtors. Sales have continued to drop, but pendings (the houses that have contracts, but not yet settled) have surpassed year over year numbers for the last five months.
"At the same time, November showed an increase in residential sales prices generally in Chelsea and Dexter as well as an increase in the sales prices of Ann Arbor condos," says real estate agent-blogger Ann Toth, who operates annarbortalks.com.
Economically, the community has held on to jobs because of its diversity. In its annual economic report, the Institute of Labor and Industrial Relations of the University of Michigan, reported that "it is a tribute to the underlying resiliency of the Washtenaw County [where Ann Arbor lies] economy that the job hit overall was not much harder. One sector that has come to the rescue in these times is health care, both private and public."
The best news for homeowners in Ann Arbor is the forecast of more than 5,000 new jobs in the next two years, according to the report. "Ann Arbor's promise is rooted in its endowments of a world-class research university and a well-educated populace. The region does have to weather its immediate problems, but it does not have to change its essence to thrive in the economy of the future. Washtenaw County is already out front on this."
