We’re in a Seller’s Market. What Does That Mean?
Exactly What Is a Seller’s Market?
Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today’s low supply of condos and homes for sale is still a sellers’ market. But what does that really mean? And why are conditions today so good if you want to list your house?
It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (see graph below):
What Does This Mean for You?
When the supply of condos and homes for sale is as low as it is right now, it’s much harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices. And if buyers know they’re not the only ones interested in a condo or home, they’re going to do their best to submit a very attractive offer. As this happens, sellers are positioned to negotiate deals that meet their ideal terms. Lawrence Yun, Chief Economist at NAR, says:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from competitive buyers.
Bottom Line
Today’s sellers’ market holds great opportunities for those ready to make a move. Listing your condo or house now will maximize your exposure to serious, competitive buyers, especially in the busy Spring market. Let’s connect to discuss how to jumpstart the selling process, contact us today at 734-761-3060 or info@condohotline.com!
Ann Arbor Condo Report – August 2021
Approximately 20% Increase in Average Sales Price
Both monthly and year-to-date statistics saw a decent increase in the average sale price. In the month of August, Ann Arbor condos had an ASP of $312,212, which was a 24.9% increase from the ASP of $250,020 last August. As well, closed sales rose 10.1% from 69 to 76 condos now. Sellers will also be happy to know that the average days on the market decreased to 29 days, a 35.6% decrease. The amount of listings declined by 5% from 101 to 96 units.
So far in 2021, 788 condos have been listed for sale which is a 10.1% increase compared to the 716 last year. A total of 590 units have been sold since the start of the year versus the 452 previously, a 30.5% rise. The average sale price has increased by 20.3% from $270,011 to $324,765 currently.
For more information about Ann Arbor condos, contact the experts with The Bouma Group at 734-761-3060 or email info@condohotline.com. Check out more Ann Arbor listings here!
Ann Arbor Condo Report – June 2021
Sale Prices Continue to Climb
Two things moved up this past month for Ann Arbor condos, new inventory and the average sale price. June saw a total of 125 new condos added to the market, a 27.6% change from the 98 the previous June. There was a very minimal decline in the amount of sold units with 94 closed; however, sellers will be happy to know that the average sale price increased a significant 49.2% from $267,799 to $399,438 recently. As well, the average days on the market declined to 29 days, versus the 49 before.
Besides the total number of sales so far this year, the year-to-date statistics followed similar trends to the monthly statistics. The new listings rose by 19.2%; in 2020 at this time, 504 condos had been listed, whereas this year the number was at 601. Due to a high volume of sold condos earlier this year, the amount of sold inventory continued to increase from 302 to 425, which was a 40.7% rise. As for the ASP, it increased 18.8% to $328,783 in comparison to the prior ASP of $276,654.
To learn more about the Ann Arbor condo market and how it could affect you, contact the condo specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Discover more Ann Arbor condos here!
Ann Arbor Condo Report – May 2021
A Significant Increase in Sold Ann Arbor Condos
Although the amount of added inventory for Ann Arbor condominiums is starting to cool, sales are going full steam ahead. There was a 5.3% increase for new listings from 113 last May to 119 recently. Sold condos on the other hand jumped from 35 to 77, a considerable 120%. The average sale price for these condos was $333,663, demonstrating a 12.3% rise in comparison to the ASP of $297,223 prior. One caveat to the seller’s good news is that the average days on the market has increased by 11.8% to 38 days. At the moment, there are 124 listings on the market, a 45.6% decline from the previous May.
Looking at the year-to-date numbers, we see similar trends to the monthly statistics except they tend to be milder overall. A total of 476 condos have been entered into the multiple listings service, which is a 17.2% rise from the 406 before. There was a 59.4% increase for closed sales so far this year, 207 versus 330 in 2021. In comparison to the ASP of $280,718 before, the current ASP increased 9.8% to $308,320.
If you are curious about Ann Arbor condos, contact the specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Discover more Ann Arbor condos here!
Ann Arbor Condo Report – April 2021
Indicators of a Seller’s Market
All of the market statistics for Ann Arbor condos increased this April, therefore displaying favor towards sellers. Firstly, there was a significant 94.1% increase in added inventory from 51 condos to 99 this past month. The average days on the market rose only by 1 day, coming to 27 days before a sale. A total of 86 homes were sold, which is a decent 83% increase from the 47 before. Along with the rise in sales, there was a rise in the average sale price from $247,018 to $304,762 – a 23.4% increase.
Since the start of the year, there has also been a steady rise in numbers. 357 condos have been listed for sale, which is a 21.8% increase from the 293 at this time in 2020. There was an even larger increase of 47.1% for sold units, from 172 to 253 now. The cumulative sale price was $300,606 versus $277,360 previously – an 8.4% rise.
Do you have more questions about the Ann Arbor condo market? The Bouma Group is only a phone call away at 734-761-3060, or you can email us at info@condohotline.com. Browse more Ann Arbor condos here!
Ann Arbor Condo Report – March 2021
Rise in Listed and Sold Inventory
Ann Arbor condos saw an increase in all of their statistics in the month of March. 100 units were added to the market, versus the 91 last March, a 9.9% increase. The average listing price for these condos went from $283,169 before to $394,977, a considerable 39.5% rise. There was a total of 57 sold condos, which was a 35.7% increase from the 42 prior. The average sale price increased by 6% from $271,228 to $287,566. Luckily for sellers, the average days on the market dropped to 40 days – 32.2% decline.
Like the monthly numbers, the year-to-date statistics also experienced an increase. It was slight, but the added inventory came to 239 condos versus the 236 before. The cumulative listing price increased 15.9% from $346,810 to $402,110. A total of 149 units were sold, compared to the 123 last year at this time, a 21.1% rise. The average sale price was $295,504 so far this year, which was a minimal increase from the ASP of $292,277 previously.
If you would like to learn more about the condo market at Ann Arbor, contact the specialists with The Bouma Group at 734-761-3060 or email info@bouma.com. Discover available Ann Arbor condos here!
Ann Arbor Condo Report – February 2021
New Inventory Hits the Ann Arbor Condo Market
This month saw a significant 29.7% increase in condos added to the Ann Arbor market, there were 83 new units compared to the 64 last February. The average listing price for these condos came in at $404,727, which is a 23.7% rise from the ALP of $327,271 before. A total of 46 units were sold versus the 39 the previous year, a 17.9% increase. Unfortunately for sellers the average sale price did not continue with the upwards trend and it actually decreased 10.8% from $287,085 to $256,212 recently. As well, the average days on the market rose 51.1% with condo listings usually lasting 68 days before being sold.
Looking at the cumulative statistics for this year, numbers tended to remain relatively similar. 139 condos were entered in to the multiple listings service, a slight decline from the 145 at this time in 2019. The ALP for these homes experienced a 13.7% increase from $355,506 to $404,245 currently. There were 92 condos that have so thus far versus the 81 before, a 13.6% rise. As for the ASP, it was $300,422, which is a minimal decline compared to the ASP of $303,191 before.
If you are interested in learning more about condo values at Ann Arbor, contact the experts with The Bouma Group at 734-761-3060 or email info@bouma.com. View more Ann Arbor condos here!
Ann Arbor Condo Report – October 2020
Prices Remain Consistent Overall for Ann Arbor Condos
The prices for Ann Arbor condos did not change drastically from last October. For example, the average listing price this past month is $366,788, a minimal increase from the $365,348 prior. New inventory saw a 12.5% rise at 72 condos compared to the 64 from before. As for sold condos, there was a similar increase from 60 to 67 recently – an 11.% increase. The average listing price for condos saw the greatest difference at $12.1% compared to other prices this month, $306,138 versus $343,309. Unfortunately for sellers, the average days on the market is 42, which still remains higher.
In comparison to last year at this time, the statistics remain fairly stable. Last October there had been 856 condos entered, whereas this year there has been 838, which is a slight decrease. The average listing price is also minimally lower, $330,799 versus $327,418 so far this year. There has been a 4.2% decline in the amount sold condos, from 593 to 568 currently. As for the average sale price of $284,023 cumulatively in 2020, it is only down marginally from $288,873 before.
If you are interested in listing or buying an Ann Arbor condo, contact the specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Stay updated on Ann Arbor condos here!
Ann Arbor Condo Report – August 2020
More Inventory for Both Listings and Sales
Ann Arbor condos saw an increase in new and sold inventory this August 2020. New listings were up 14.5% at 71 condos, and this is in comparison to the 62 last August. The average listing price for these condos was $269,522, versus $362,526 before, down 25.7%. A total of 54 condos were sold this past month, a 22.7% increase from the 44 prior. Unlike the ALP, the average sale price rose 7% from $237,738 to $254,295 currently. The average days on the market was the same as Ann Arbor homes, at 29 days.
Looking at the year-to-date statistics, there was a 3.9% increase in inventory from 489 previously to 508 currently. The ALP for homes thus far is $304,478, a minimal increase from $303,238 before. Unfortunately for sellers, there was a 9% decline in the amount of sold homes from 489 to 508 now. The ASP is down 8.4% from $279,880 to $256,508 so far this year.
If you would like to learn more about the Ann Arbor condo market, contact the specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Read more about Ann Arbor condos here!