Good News for Ann Arbor Condo Buyers, Selling Prices are Well Below Listing Prices

Listing prices are higher than last year, but luckily for those looking to buy an Ann Arbor condo, the selling price is at least 15% below the listing price! Asking prices are a significant 27.6% more than September 2017, $252,922 versus $322,848 currently. This may be because of the decrease in the amount of listings entered, from 60 condos to 52, which is a difference of 15.4%. Although the sale prices may seem unfortunate for condo sellers, there is some good news for them! 50 units sold this September, which means that almost as many units sold as were entered into the system. This is also an increase of 6.4% compared to the 47 condos sold in last September. Additionally, condos are on the market for less days, from 33 average days on the market to 24 currently. The average selling price is $233,240, which is a decrease of 8.9% compared to the ASP $255,912 in the previous September. Looking at year-to-date statistics, there has been a rise in the amount of condos entered into the multiple listings service but a decline in the amount of sales. From 611 units sold last year at this time to 629 units sold as of now, this is an increase of 21.3%. The average listing price has risen 19.5% to $347,344 so far this year, compared to $292,271. Thus far in 2018, 427 condos have been sold, which is a decline of 13.5% from the 494

condos sold last year at this time. The ASP has seen an increase of 14.3%, from $252,867 to $288,938 at the moment.

Whether you are looking to buy or sell an Ann Arbor condo, contact the condo specialists today at 888-581-6923 or email info@condohotline.com. Stay tuned for more updated market statistics!