The Most and Least Expensive Condos Sold in Ann Arbor this Year
Ann Arbor Condo Market Analysis 2024
The Ann Arbor condo market has been bustling this year with diverse offerings catering to various budgets and preferences. Whether you’re a buyer looking for the perfect investment or a seller interested in market trends, this comprehensive analysis will provide you with valuable insights into the current state of the market.
Key Market Statistics
Average Sale Price
The average sale price for condos in Ann Arbor this year is $417,065. This figure provides a general benchmark for both buyers and sellers to understand the financial landscape of the market.
Average Price Per Square Foot
At $304.00 per square foot, the average price per square foot offers a detailed perspective on property values relative to their size. This metric is particularly useful for comparing different properties and determining the value proposition of each unit.
Average Days on Market
Condos in Ann Arbor spent an average of 28 days on the market before being sold. This duration suggests a reasonably brisk market, where well-priced properties are attracting interest and closing deals relatively quickly.
Highlighted Sales
The Most Expensive Unit Sold
- Address: 410 N. First St. #401, Ann Arbor MI 48103
- Sale Price: $1,400,000
- Stats: 2,233 square feet, 3 bedrooms, 2.1 baths, 2 car parking in secure garage
This luxury condo at 410 N. First stands out not just for its price, but also for its prime downtown Ann Arbor location and high-end amenities. It’s a testament to the premium market segment in Ann Arbor, offering potential buyers a glimpse into the upper echelon of local real estate. Listed by us, The Bouma Group!
The Average Priced Unit Sold
- Address: 3034 Barclay Way, Ann Arbor MI 48105
- Sale Price: $417,000
- Stats: 1,416 square feet, 3 bedrooms, 2.1 baths, 1-car attached garage
Falling right at the average sale price, this unit at Barclay Park exemplifies what a mid-market condo looks like. Buyers interested in this price range can expect a balanced mix of quality, location, and features.
The Least Expensive Condo Sold
- Address: 4218 Packard St. #1, Ann Arbor MI 48108
- Sale Price: $130,000
- Stats: 768 square feet, 2 bedrooms, 1 bath, dedicated spot for parking
For budget-conscious buyers or investors seeking entry-level opportunities, this condo at Arbor Heights represents the more accessible end of the market. It offers a starting point for those entering the Ann Arbor real estate scene.
Conclusion
The Ann Arbor condo market in 2024 offers something for everyone, from luxury high-end units to more budget-friendly options. With an average sale price of $417,065 and properties spending an average of 28 days on the market, it’s clear that demand remains strong and opportunities abound.
Whether you’re considering buying or selling, keeping an eye on these trends can help you make informed decisions. For personalized advice and to explore available listings, reach out to us today at 734-761-3060 or info@condohotline.com to connect with one of our experienced real estate professionals. Your dream condo in Ann Arbor might just be a call away!
The Latest Expert Forecasts for Home Prices in 2023
Are Home Prices Dropping or Increasing?
Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.
Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.
To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 forecast from a number of experts.
Most Experts Project Home Prices Will Net Positive This Year
The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:
As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.
If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The projection from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.
If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.
If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.
Ann Arbor Area Home Prices
In the Ann Arbor Area, we are seeing an increase in home and condo prices so far this year. Since January 1st, 2023, the average sale price of condos has increased by 2.7% and is now $353,761. Single-family homes saw an increase of 6.1% and sits at $488,726. Ann Arbor is also experiencing a serious lack of inventory which continues to drive values up. Get the full Ann Arbor Condo market update here.
Bottom Line
If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in our local area, let’s connect today at 734-761-3060 or info@condohotline.com.
Ann Arbor Condo Market Update – Fall 2023
Ann Arbor Condo Market Update for Fall 2023
The Fall 2023 condo real estate market is here and with it the hopes of a renewed increase in buyer activity. But first, let’s take a look at the statistics from the first half of the year.
Year-to-Date Condo Stats
Comparing statistics from the first half of 2022 to 2023 we’ve seen:
- New listings decreased by 16.8% going from 917 to 763 condos listed for sale YTD.
- Pending sales, the number of units that have gone under contract with a buyer, decreased 5.8% from 728 last year to 686 this year.
- 740 condos closed last year with 634 this year making a 14.3% decrease.
- Average sale price increased by 2.7% bringing it to $353,761.
April was the top listing month with 135 condos listed for sale and was also the busiest month for buyer activity with 146 pended units. June had the most closings with 114, which makes sense since it typically takes 30-45 days to close from the time of a bottom-lined offer. Due to the shrinking number of condos being listed for sale, the average sale price is continuing to increase because of a lack of availability. Prices will likely begin to stabilize once more inventory becomes available and that may not happen until mortgage interest rates cool off.
Downtown Ann Arbor Condos
In the downtown Ann Arbor area, there are currently 25 active listings, plus 10 pending with a buyer. So far this year, 71 condos have sold with an average sale price of $567,586. Compared to this time last year, there were 106 sales with an average sale price of $525,528. The number of closed sales decreased by 33% YTD and the average sale price increased by 8% following the trend of all Ann Arbor condos.
Fall 2023
The Ann Arbor condo market is beginning the fall season with 130 units listed for sale with 57 of those under contract. That leaves 69 condos available for a buyer to purchase. 38 of these are new construction with 14 under contract. Let’s take a look by price point:
With mortgage interest rates still climbing, affordability comes into play as you can see by the slower movement in the higher price points. Buyers need to remain vigilant in their search and be aware when new listings come to the market. Sellers, in higher price points especially, need a Realtor who knows their market niche and the inuendos of their community so they price accordingly. For more information on buying and selling in the Ann Arbor Condo market, contact the Real Estate specialists with The Bouma Group at 734-761-3060 or info@condohotline.com today!
Data was gathered from the Ann Arbor Area Board of Realtors