Ann Arbor Condo Report – November 2018

New Inventory Added for Ann Arbor Condos Skyrocket

Ann Arbor condos have seen a drastic increase in the amount of condominiums entered into the multiple listings service this November. A total of 57 units were added, and this is a significant increase of 90% compared to the mere 30 units entered the previous November. The average listing price has seen a 9.6% increase from $347,111 to $380,532 currently. In this past month, 47 homes have been sold in comparison to the 53 in November 2017, a decline of 12.8%. The average sale price is $247,715, which is only a slight decrease from $251,296 the prior November. Unfortunately for sellers, there has also been a considerable 90% decline in the average days on the market, 20 versus 38 days.

So far this year, 750 condominiums have been listed for sale, this is a 10.5% increase from the 679 condos that had been entered at this time last year. The ALP has increased by 18.2%, $297,269 versus $351,490 this year. A total of 509 condos have been sold in 2018, in comparison to the 589 that had been sold by November in the previous year, a 13.6% decline. Cumulatively, the ASP is $283,492 thus far, which is a 11.4% rise compared to $254,502 in 2017.

Whether you are looking to buy or sell a condo, contact the experts with The Bouma Group at 888-581-6923 or email info@condohotline.com. Check back here for all the information you need about Ann Arbor condos and surrounding areas!

Ann Arbor Condo Report Update – October 2018

Ann Arbor Condo Buyers get to Experience the Best of Both Worlds

Luckily for Ann Arbor condo buyers, this October has seen almost a doubling in the amount of new listings entered and sale prices have decreased compared to the previous October. The increase in inventory is a significant 75.7%, from 37 units entered October 2017 to 65 entered this past month. Listing prices have also risen, $337,260 versus $371,708 now, which is a 10.2% increase. But like stated earlier, average selling prices have decreased, $265,636 this past month compared to $273,483 last year, this is only a small difference though. A total of 35 units were sold this past month, which is a 14.6% decline compared to the 41 sold the previous October. The average days on the market has stayed consistent with 26 days. Yearly statistics are not great for sellers, as there has been more listings entered and sale prices are lower than listing prices on average. So far this year, 694 units have been entered, which is 7.1% more than the 648 units that had been entered at this time in 2017. The average listing price has seen a considerable increase of 18.6%, from $294,766 to $349,448. Currently the ASP for this year is $287,748, which is a 13.1% rise from last year’s $254,447; but still lower than the ALP. In total, 461 condominiums in Ann Arbor have sold in 2018, versus the 535 units in the year prior, a 13.8% decline.

The condo specialists with The Bouma Group are capable of helping you with any and all of your condo needs, contact us at 888-581-6923 or email info@condohotline.com. Stay tuned for more information about the Ann Arbor condo market and surrounding areas!

Ann Arbor Condo Report – September 2018

Good News for Ann Arbor Condo Buyers, Selling Prices are Well Below Listing Prices

Listing prices are higher than last year, but luckily for those looking to buy an Ann Arbor condo, the selling price is at least 15% below the listing price! Asking prices are a significant 27.6% more than September 2017, $252,922 versus $322,848 currently. This may be because of the decrease in the amount of listings entered, from 60 condos to 52, which is a difference of 15.4%. Although the sale prices may seem unfortunate for condo sellers, there is some good news for them! 50 units sold this September, which means that almost as many units sold as were entered into the system. This is also an increase of 6.4% compared to the 47 condos sold in last September. Additionally, condos are on the market for less days, from 33 average days on the market to 24 currently. The average selling price is $233,240, which is a decrease of 8.9% compared to the ASP $255,912 in the previous September. Looking at year-to-date statistics, there has been a rise in the amount of condos entered into the multiple listings service but a decline in the amount of sales. From 611 units sold last year at this time to 629 units sold as of now, this is an increase of 21.3%. The average listing price has risen 19.5% to $347,344 so far this year, compared to $292,271. Thus far in 2018, 427 condos have been sold, which is a decline of 13.5% from the 494

condos sold last year at this time. The ASP has seen an increase of 14.3%, from $252,867 to $288,938 at the moment.

Whether you are looking to buy or sell an Ann Arbor condo, contact the condo specialists today at 888-581-6923 or email info@condohotline.com. Stay tuned for more updated market statistics!