Condo Prices Declining
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.