Comparable Inventory for Ann Arbor Condos
Besides year-to-date sales, all other inventory for Ann Arbor condos have remained stable. July saw 108 new units hit the market, a 4.9% increase from the 103 last July. The amount of sold condos experienced a decline of 4.8%, from 83 to 79 this past month. As for the average listing price, it came to $314,864 versus $293,782 before, a 7.2% rise. Like usual, the average selling price was lower than the average listing price. The ASP for the previous July was $277,709, this year had an 8.4% decrease to $254,375. Luckily for sellers, the average days on the market is down a considerable 22% from July 2019 to 32 days this month.
Aforementioned, the biggest change for the year-to-date statistics was related to the amount of sold condos – 378 units have been sold so far, and this is 13.7% decrease from the 438 last year. A total of 611 condos have been entered into the MLS in 2020, and this is a less drastic difference compared 631 previously, a 3.2% decline. The ALP has seen a minute decrease, from $328,760 to $322,336 now. Cumulatively the ASP is $271,931, which is a 5.6% decline from $288,142 before.