Sale Prices Continue to Climb

Two things moved up this past month for Ann Arbor condos, new inventory and the average sale price. June saw a total of 125 new condos added to the market, a 27.6% change from the 98 the previous June. There was a very minimal decline in the amount of sold units with 94 closed; however, sellers will be happy to know that the average sale price increased a significant 49.2% from $267,799 to $399,438 recently. As well, the average days on the market declined to 29 days, versus the 49 before.

Besides the total number of sales so far this year, the year-to-date statistics followed similar trends to the monthly statistics. The new listings rose by 19.2%; in 2020 at this time, 504 condos had been listed, whereas this year the number was at 601. Due to a high volume of sold condos earlier this year, the amount of sold inventory continued to increase from 302 to 425, which was a 40.7% rise. As for the ASP, it increased 18.8% to $328,783 in comparison to the prior ASP of $276,654.

To learn more about the Ann Arbor condo market and how it could affect you, contact the condo specialists with The Bouma Group at (734)761-3060 or email Discover more Ann Arbor condos here!