Condo Prices Declining![Ann Arbor Condo Prices](https://www.condohotline.com/wp-content/uploads/2019/08/AA-condo-report-July2019-150x150.png)
Both listing and selling prices for Ann Arbor condos have significantly decreased in comparison to last year’s statistics. In the past month, 74 units were listed and this is a 22.1% decline compared to the 95 entered into the MLS the July prior. The average listing price has dropped a considerable 35.4% from $415,405 to $268,219 presently. Compared to July 2018, there has only been a slight rise in the amount of sold condos, 64 versus 68 units. Similar to the ALP, the average selling price has also declined, from $323,768 to $275,919, a 14.8% decrease. Unfortunately for sellers the average days on the market for this July has tripled to 40 days.
As we examine the year-to-date statistics, it is evident that there has been a decrease in listings but an increase in sales. Since last July, 494 condos have been listed, a minimal decline from the 503 previously. The ALP has decreased 7.4% from $355,552 to $329,323 now. A total of 361 units have been sold thus far, which is an 18.4% rise from the 305 before. The ASP has only decreased minimally, $290,733 versus $288,776.
The Bouma Group is here to help with all of your condo quandaries at 888-581-6923 or via email info@condohotline.com. Stay tuned for updated information on Ann Arbor complexes!