Spring Inventory Sees a Spike
If you’re looking to buy an Ann Arbor condo, now is the time to do so! There has been a large increase in new listings, from 69 units to 90, resulting in a 30% increase. Further, listing prices have also experienced a 13.2% drop from $377,729 to $327,774 this past month. Unfortunately new inventory has been slower to exit the market, with only 29 condos selling comparative to the 35 last March – a 17% decrease. Unfortunately, the average days on the market is 52 days, a massive 160% rise. There has been a 9% increase in selling prices though, $278,132 versus $303,492.
Looking at the year-to-date statistics, there has been 171 units sold since last March, a 9% increase from the 147 the previous year. Cumulatively, the average listing price is $337,421, which is a 8% in comparison to $367,749 to the year prior. Thus far, 99 condos have been sold and last year 80 were sold at this time – a 23.7% increase. There was a 3.7% in the ASP from $288,887 to $300,060.
Whether you are looking to buy a condo or are considering selling, contact the condo specialists with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. Stay up-to-date on all of your Ann Arbor condo needs by checking back here!