Based on the month's supply of units, the Ann Arbor Condo
market, in general, is holding steady and is
considered a balanced market. This is mainly because condos under $200k are in a sellers market, especially condos under
$100k which have only a 2 months supply. The $200k-$300k market is
considered to be in a buyers market, with an 8.6 months supply. Once you
get into the over $500k market, things drastically change to a complete
buyers market and only 4 units have sold in this price range in the
last year. The rental market is very strong, as sellers are choosing to
rent their units and are very successful with this. The months supply is
at a very low 1.3.
Although inventory is considered to be low, in order to sell Ann Arbor area condos still have to be
in excellent condition and priced competitively Even
with limited choices, buyers are not willing to make compromises. With
so many condo owners being upside down on their mortgage, I see the
market inventory remaining tight for the foreseeable future with many
choosing to rent out their units instead of sell.
In the real estate market, if there is less than a 5 months supply of
condos on the market, you are in a seller's market. A 5-7 month supply
of condos is a balanced market. Anything over 7 months is a buyer's
Check back here each month for a new market update, and as always, if you'd like to find out more details about your Ann Arbor Condo community, give us a call at 734-761-3060 today!
Posted Friday, February 25, 2011 by Martin Bouma
Tags: market update
, Ann Arbor Condos
, Ann Arbor Condominiums
, Market Statistics
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March 23, 2011 at 7PM
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Posted Sunday, February 06, 2011 by Martin Bouma
Tags: ann arbor property investment