Slow Activity for Sellers
In the month of August, Ann Arbor condos saw a decline in both the average selling price and the amount of properties sold. 68 condos were listed for sale this past month, which is a 8.1% difference compared to the 74 entered last August. The average listing price rose 19% from $310,161 to $369,184 currently. Only 45 units were sold versus the 62 sold the August prior, a considerable 27.4% drop. As well, the ASP also decreased significantly to $235,966, which is a significant 27% from the previous $323,219 last August. One positive note for sellers though, is that the average days on the market remains below one month at 21 days.
As for the year-to-date statistics, numbers have remained relatively stable. Since August 2018, 562 condos have been entered into the multiple listings service, and this is only a slight decrease compared to the 576 before. The ALP has declined 4.8% from $350,041 to $333,266 now. Compared to the previous statistics, more condos have been sold thus far versus last year’s 374, a 8.6% increase to 406 sold condos. Cumulatively, the ASP is $282,923 and this is only a small decrease of 4.8% in comparison to the prior report where the ASP was $296,786.