Downtown Ann Arbor Condo Market Update – 4th Quarter 2019
The Downtown Ann Arbor Condo Market saw 12 closings in the 4th Qtr of 2019 with three of them being new construction condos at Kingsley Condos. This compares to only 3 closings in the 4th Qtr of 2018.
Three of the downtown sales are located at 515 N. Fifth Ave, which is a 4-plex built in 2013 that was converted into condos and located in the heart of Kerrytown. Unit #1 was priced originally for $1,495,000. The price was lowered to $1,149,900 and sold for $1,115,000 after 189 days on the market. Unit #2 was priced originally for $1,400,000. The price was lowered to $1,200,000 and sold for $1,149,000 after 228 days on the market. Unit #3 was priced at $450,000. The price was lowered to $399,000 and it sold for $400,000 after 217 days on the market.
Sloan Plaza saw 3 sales in the 4th Qtr, which is 9% of the total units in the building.
139 Ashley Mews – priced originally at $595,900, the price was lowered several times down to $450,000. It sold for $445,000 after being on the market for 211 days. This is a 1221 SF, 1 bedroom, 2 bath condo. It last sold in 2014 as a Bank Owned Property for $315,000.
115 W. Liberty – priced originally at $995,000, the price was lowered to $895,000 and sold for $895,000 after being on the market for 172 days. This unique 2,100 SF loft unit is located in the heart of downtown on top of retail space. It last sold in 2013 for $689,900.
111 N Ashley #1007 – priced at $550,000, this Ashley Terrace Penthouse unit sold for $525,000 in 13 days.
Excluding the new construction condos, nothing sold for list price or above in the 4th Qtr. with some of the condos having to lower their prices significantly.
As of January 1, 2020, there are 9 re-sale condos for sale with 3 under contract. There are also 24 condos available at Kingsley Condos where over 50% are now sold. We will be entering 2020 with 33 condos that are ready for occupancy. This is a 27% drop from the 1st Qtr of 2019 when there were 45 active listings.
Adding to the downtown inventory are the pre-sales on up-and-coming developments. The Gallery (21 units – 11 units are pre-sold) , The Garnet (10 units), and 309 Ashley (17 units – 10 are pre-sold). None of these new developments will be ready for occupancy until 2021.
Ashley Terrace has 6 active listings with 2 under contract. The average days on the market for these listings is 146 days.
Liberty Lofts has 1 condo for sale that is under contract. Priced originally at $559,900, the price was lowered to $519,900 and it went under contract after 140 days on the market.
North Main Lofts has 1 condo for sale. Priced originally at $649,900, the price was lowered to $589,000. It has been on the market for 238 days. It last sold in 2016 for $600,000.
As mentioned in previous issues, the downtown market has two dominant demographic groups that are buying. The first group consists of retiring baby boomers who tend to buy larger and higher priced units with one floor living. This demographic group is still growing. The second group consists of students and young professionals who tend to buy smaller and lower priced units and aren’t as concerned about one floor living and parking. It is this second group that is shrinking as they now have the option of renting brand new luxury apartments with beautiful facilities. With all but one of the active condos providing first floor living, the shrinking of this demographic group will not greatly affect the downtown market.
As we head into 2020, the signs are all positive for a healthy downtown market. With an absorption rate in 2019 of 4 sales per month, there is an 8 month supply of inventory. However, interest rates are still at an all-time low, the local economy is very strong with good paying jobs, and inventory is down 27% from last year.
As the market changes, be sure to get the most current information so you can make the right decisions. There are a lot of changes occurring in the downtown area, and being located downtown, The Bouma Group is very aware of upcoming construction projects and inventory. Should you wish to discuss the market, call our office at 734-761-3060 – it would be our privilege to work with you. Feel free to stop in and visit us anytime – we’re located downtown, at the corner of S. Main and Madison.
Ann Arbor Condo Report – December 2019
A Decline in Prices in All Domains
There has been a decrease in both listing and selling prices for monthly and year-to-date numbers for Ann Arbor condos. Firstly, there has been a 29.6% fall in the amount of entered inventory for the month of December with 19 units being added, compared to the 27 previously. The average listing price is $306,852, and this is a 18.8% decrease from the $306,852 last December. A total of 27 condos were sold this past month, versus the 30 prior, a 10% decline. Unfortunately for sellers, the average days on the market has decreased 43.2% from 37 to 53 days currently.
Like the numbers for December, the year-to-date statistics have also seen a decline in prices. The ALP is $332,687, which is a 5.5% decrease compared $352,094 from before. As well, the amount of new listings has also fallen from 778 to 736 condos, a 5.4% decrease. For sold inventory there has been a 3.2% increase, 539 condos previously and 556 for 2019. Considering all selling prices, the ASP has come to $284,727, and this is a minimal decline in comparison to $288,012 at this time prior.
For all of your condo quandaries and questions, contact condo experts with The Bouma Group at 734-761-3060 or email info@condohotline.com. Stay tuned for updated information about Ann Arbor condos!
Ann Arbor Condo Report – November 2019
Decrease in Sold Ann Arbor Condos
Ann Arbor condos have seen an overall decline in inventory, more prominently for the amount of sales. A total of 45 condos have been listed this past November, and this is a 21.1% decline from the 57 previously. The average listing price has also declined from $380,532 to $329,900, a 13.3% difference. There has been a 36.2% decrease in the amount of sold units, 47 November 2018 versus 30 recently. The average sale price is at $299,695 and this is a 21% increase compared to last November’s $247,715. As for the average days on the market, it is exactly the same at 38 days.
As for the year-to-date statistics, there has been a decrease in listings numbers but an increase for selling data. Thus far, 716 condos have been listed and this is a 4.5% decline compared to the 750 sold before. The ALP now is $333,598 versus $351,490 previously, a 5.1% decrease. As for the amount of sold inventory, 528 units have been sold and this is a 5.7% increase in comparison to the 509 last year at this time. Cumulatively, the ASP is $285,331 and this has risen minimally from the $283,492 prior.
The Bouma Group is here to help with all of your condo needs, you can contact the experts at 734-761-3060 or via email info@condohotline.com. Check back here for the latest news for Ann Arbor condos!
Ann Arbor Condominium Report – September 2019
Listing Prices Remain Consistent
Overall, there has not been much variance in the statistics for Ann Arbor condos compared to the 2018 numbers. In the month of September, listing prices declined minimally from $322,848 last year to $315,491 currently. 62 condos were listed for sale and this is a 19.2% increase compared to the 52 sold last September. There was a 12% decrease in the amount of sold listings this past month with 44 units being sold compared to the 50 that were sold previously. The average sale price was $285,726 versus the ASP of $233,240 in September 2018, a 22.5% decline. Unfortunately for sellers, the average days on the market has drastically risen to 64 days, which is more than one and a half times longer than last September’s 24 days.
Looking at the year-to-date statistics, we can see that most of the numbers have remained similar to before. A total of 624 listings have been entered thus far, and this is a minimal decline from the 629 last year at this time. The average listing price has decreased 4.7% to $330,939 from $347,334. Despite the recent decline in sales this September, the total amount of sold condos has gone from 427 to 451, a 5.6% rise. As for the ASP, there has only been a slight decrease in prices, $288,938 versus $283,290.
The Bouma Group is here to help with all of your condo needs, you can contact the experts at 734-761-3060 or via email info@condohotline.com. Stay tuned for more updated information on Ann Arbor Condos!
Ann Arbor Condominium Report – August 2019
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.
The Bouma Group is here to help with all of your condo needs, contact the experts at 734-761-3060 or via email info@condohotline.com. Check back for more information on Ann Arbor condos!
Ann Arbor Condominium Report for July 2019
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. (more…)
Ann Arbor Condo Report – June 2019
Equal Inventory Listed and Sold in June
Great news for sellers in the month of June, as 68 condos were listed and 68 were sold in Ann Arbor. Last June, 87 units were listed for sale, a 21.8% decline, and 53 were sold, 28.3% increase. The average listing price was $316,090 versus $353,306 in June 2019, a 10.6% decrease. As for the average selling price, there was a 5.3% increase from $283,620 to $298,525. Condominiums were usually on the market for 25 days.
The year-to-date statistics look decent in comparison to last year. 421 homes have been entered into the multiple listing service, a 3.2% increase from the 408 at this time in 2018. Only a slight decline compared to last year’s ALP, the ALP for half way through this year is $341,102. A grand total of 293 condos have been sold thus far, an increase of 21% from the 242 before. Overall, the ASP is $291,760 versus $280,807 last year at this time, a 4% rise.
For all of your condo needs and questions, contact the condominium experts with The Bouma Group at (734)761-3060 or email info@condohotline.com. Stay tuned on the Ann Arbor condo market by checking back here!
Ann Arbor Condo Report – March 2019
Spring Inventory Sees a Spike
If you’re looking to buy an Ann Arbor condo, now is the time to do so! There has been a large increase in new listings, from 69 units to 90, resulting in a 30% increase. Further, listing prices have also experienced a 13.2% drop from $377,729 to $327,774 this past month. Unfortunately new inventory has been slower to exit the market, with only 29 condos selling comparative to the 35 last March – a 17% decrease. Unfortunately, the average days on the market is 52 days, a massive 160% rise. There has been a 9% increase in selling prices though, $278,132 versus $303,492.
Looking at the year-to-date statistics, there has been 171 units sold since last March, a 9% increase from the 147 the previous year. Cumulatively, the average listing price is $337,421, which is a 8% in comparison to $367,749 to the year prior. Thus far, 99 condos have been sold and last year 80 were sold at this time – a 23.7% increase. There was a 3.7% in the ASP from $288,887 to $300,060.
Whether you are looking to buy a condo or are considering selling, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@condohotline.com. Stay up-to-date on all of your Ann Arbor condo needs by checking back here!
Ann Arbor Condo Report – January 2019
Decline in Listing and Selling Prices for Ann Arbor Condos
Ann Arbor condos have seen a decline in many facets this new year. 38 units were listed this January, only a 5% decrease from the 40 sold the previous January. The average listing price declined 16.4%, $334,687 versus the $400,116. The great news for sellers is that 35 units were sold, which considering only the 38 units entered in January, means that 92% of the condos listed were theoretically sold. Further, compared to the first month of 2017 when only 23 condos, January 2019 saw a 52.2% rise in condos sold. Selling prices declined though, from $327,434 to $297,333, a 9.2% lower. Unfortunately for sellers, the average days on the market is extremely high at 76 days.
For all your condominium quandaries and questions, contact the condo specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Keep up with our blog for all the information you need to know about Ann Arbor condos and surrounding areas!
Ann Arbor Condo Report – December 2019
More Inventory with Higher Prices for Ann Arbor Condos
In December, Ann Arbor condos saw an increase in inventory listed and sold, as well as, prices that were higher in contrast to 2017. Although low in comparison to November’s inventory, both the amount of listings and sales increased in comparison the December 2017 and more units were sold than listed in. A mere total of 27 condos were entered into the multiple listings service last month, but this is a 42.1% increase from the 19 condos entered the prior year in December. The average listing price experienced a significant 60.5% rise from $235,319 to $377,824 now. 30 condos were sold, meaning that 3 more condos were sold than were listed; further, this is a 11.1% increase compared to December 2017. Unfortunately for seller’s, the ALP was below the ASP which was $347,406, versus the ASP in the previous year which was $223,741, a considerable 55.3% difference. The average days on the market exceeded one month at 37 days.
Being the final report for the year 2018, we will now look at the total statistics for the year. A total of 778 condos were listed this past year, exceeding the 698 last year for an 11.5% jump. Cumulatively, the average listing price was $352,094 in comparison to the $295,521 in 2017, an increase of 19.1%. Comparative to both 2018’s listing price and 2017’s selling price, 2018’s ASP was below both; $288,012 was the ASP which was a 13.5% decline from 2017.
For all of your condominium quandaries and questions, contact the specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Keep up with our blog for all of the information you need to know about Ann Arbor condos and surrounding areas!