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Trends for Downtown Ann Arbor Condos

Downtown Ann Arbor Condos See Increases

Like the rest of the Ann Arbor real estate market, Downtown Ann Arbor condos have seen fluctuating values. We are definitely seeing some interesting trends and are tracking the number of sales, average sale price, and price per square foot for all downtown Ann Arbor condo complexes combined, so you can see what has been happening the past few years.

Downtown Ann Arbor Condos # of Sales

2007-2008 saw high sales, as many new construction condo projects were completed in the Downtown area, such as Ashley Terrace, Liberty Lofts, Loft 322, and the lofts over downtown retail – Main Street Condos and Main and Liberty Condos. By 2009, sales fell to almost the same level as 2006, as new construction either sold out or was halted, combined with an economic shift, which put many would-be condo sellers under water with their mortgages. 2010 saw a large spike in the number of condo sales and jumped a whopping 74%. Ashley Terrace condos were once again for sale by the builder with 12 units sold, and the lower priced Tower Plaza sold 20 units, many of them foreclosures.

Downtown Ann Arbor Condos ASP

A great indicator of what condo buyers are willing to pay for condos. 2008 was the peak in ASP as the new construction condo developments were selling out and we saw 17 sales over 400K a 112% increase over 2007. But then, in 2009 the ASP dropped by a sharp 32%. The lower price condos at Tower Plaza and Riverhouse thrived, while the market saw a 64% drop in condos that sold for over 400K, with only 6 units selling – a major contributor to the large decline in the ASP. 2010 saw only 5 sales over 400K.  The exciting news is that in 2011 YTD there have been 8 sales over 400K, which tells me that buyers are becoming more confident in the downtown market. YTD is showing condo prices returning to the higher levels of 06-08 and is a great sign of downtown Ann Arbor condo buyers spending more.

Downtown Ann Arbor Condo A$/SF

The average price per square foot shows the same trends, with 2009 being the low. The A$/SF is slowly creeping back up and is a good indication that downtown Ann Arbor condo buyers are purchasing more modest condominiums.

The Bouma Group has been selling downtown Ann Arbor condos for over 20 years and thoroughly knows the market. We will be keeping a close eye on the downtown condo market as it continues to recover. Be sure to follow our blog to receive Ann Arbor Condo real estate information as soon as it’s posted. For instant listing and sold information, visit the Ann Arbor Condo Hotline, the premier source for up-to-date condominium information or contact us today at 734-761-3060 or info@bouma.com.



Posted Friday, November 04, 2011 by Martin Bouma
Tags: downtown ann arbor condos, downtown ann arbor condo prices, downtown ann arbor condo trends, condos in downtown ann arbor, ann arbor condo hotline