Almost Two Months on Average for Condos to be on the Market
While there is more inventory and higher prices for Ann Arbor condos, the average days on the market is 60 days. There were 39 units listed in the month of December, a significant 77.3% increase from the 22 last December. The average listing price increased by 7.7% from $328,682 to $354,032. A total of 37 condos were sold versus the 34 previously, a 8.8% raise. The average sale price for these condos was $298,568, which is a 8.5% increase from $275,208 the December prior.
Looking at the year-to-date statistics, they remained relatively consistent with 2019’s numbers. There was only a slight increase compared to last year with 934 being entered into the multiple listings service. The ALP decreased slightly from $333,407 to $327,532 now. 652 condos were sold this year, a small decline from the 663 before. As for the ASP, it went from $289,580 to $287,597 currently, a minimal decrease.