Ann Arbor Condo Buyers get to Experience the Best of Both Worlds

Luckily for Ann Arbor condo buyers, this October has seen almost a doubling in the amount of new listings entered and sale prices have decreased compared to the previous October. The increase in inventory is a significant 75.7%, from 37 units entered October 2017 to 65 entered this past month. Listing prices have also risen, $337,260 versus $371,708 now, which is a 10.2% increase. But like stated earlier, average selling prices have decreased, $265,636 this past month compared to $273,483 last year, this is only a small difference though. A total of 35 units were sold this past month, which is a 14.6% decline compared to the 41 sold the previous October. The average days on the market has stayed consistent with 26 days. Yearly statistics are not great for sellers, as there has been more listings entered and sale prices are lower than listing prices on average. So far this year, 694 units have been entered, which is 7.1% more than the 648 units that had been entered at this time in 2017. The average listing price has seen a considerable increase of 18.6%, from $294,766 to $349,448. Currently the ASP for this year is $287,748, which is a 13.1% rise from last year’s $254,447; but still lower than the ALP. In total, 461 condominiums in Ann Arbor have sold in 2018, versus the 535 units in the year prior, a 13.8% decline.

The condo specialists with The Bouma Group are capable of helping you with any and all of your condo needs, contact us at 888-581-6923 or email info@condohotline.com. Stay tuned for more information about the Ann Arbor condo market and surrounding areas!