Priced Out of the Market? A Condo or Townhome Could Be Your Way In
Today’s home prices have a lot of buyers, especially first-time buyers, wondering if there’s even anything out there that’s in their budget. But owning a home may be more within reach than you think. Sometimes, it just means considering a different type of home.
Condos and townhomes can be a great way to buy without stretching every last dollar. And right now, two things make them worth a serious look.
There Are More Condos and Townhomes To Choose From
Maybe you feel like there’s just nothing out there for you, and you’ve exhausted all your options. But have you considered condos or townhomes? A lot of buyers start by looking for a single-family, detached home without even realizing what that search omits from their pool of choices.
According to HousingWire Data, nationally there were 233,030 condos and townhomes for sale this June. That’s more than any June in at least the past decade, and more than double the number available back in 2022 (see graph below):
That means there are more options out there in this segment of the market, and that’s especially good news for first-time buyers. These types of homes can be a great way to break into the market for less.
Just remember, that’s the national number. What’s available will depend on where you’re looking. But generally speaking, more options means less competition, more time to decide, and more room to negotiate.
What’s Happening with Ann Arbor Condos
Good news if you’re shopping for a condo in Ann Arbor: the market is opening up in your favor. Through the end of July, new listings climbed to 594 in 2026 from 563 last year, giving you more choices to explore. At the same time, pending sales eased to 343 (down from 389) and closed sales dipped to 345 (from 359), while homes now sit for 49 days on average versus just 29 a year ago. With median prices sliding slightly to $335,000 from $340,000, this shift toward more supply and a calmer pace means you have room to compare options, negotiate with confidence, and lean on expert guidance to find the right fit.
They Also Tend To Cost Less Than Single-Family Homes
Price is the other big draw. According to the National Association of Realtors (NAR), the median condo price was $380,000 in June. In contrast, the median single-family home price was $446,400 (see graph below):
That’s a difference of more than $66,000.
A big reason why? Condos are usually smaller than single-family homes. And smaller homes can come with smaller price tags.
And if you don’t need all that extra space, that lower entry price could be exactly what gets you through the door.
What’s Happening with Condos vs. Homes in Ann Arbor
Here’s where the numbers get exciting for anyone eyeing an entry into the Ann Arbor market: through July 2026, the median home sold for $586,500 while the median condo came in at $335,000, a gap of over $250,000. That difference carries into averages too, with homes at $678,466 versus $448,299 for condos. Even a year ago, Ann Arbor condos began experiencing more price reductions. For you, this means a condo can be a smart, more accessible way to plant roots in a neighborhood you love, without stretching your budget to single-family territory. With expert Realtor guidance and clear market insights on your side, you can turn that price advantage into a vibrant, low-maintenance lifestyle right where you want to be.
Condo or Townhome? How They’re Different.
For buyers who feel priced out of the market, a condo or townhome could be a way in. But there are some things to know. Before you start checking out homes, it’s good to understand how these two compare to each other, and to a single-family home.
- With a single-family detached home, you own the house and the land it sits on, and you don’t share any walls with neighbors. That means the most space and privacy. But it also usually comes with a higher tag, and all the maintenance is on you.
- With a townhome, typically you own the building you live in and the lot it sits on. They’re usually multi-level, so you get more space, and you share two walls at most. You’ll also have more say over how your home looks and how repairs get done, but more of that upkeep falls on you.
- With a condo, you own just the inside of your unit and may have access to community features like a pool or gym. The building and shared space belong to everyone who lives there, which means you have less maintenance responsibilities. But you’ll also likely have more neighbors around you, less control over building decisions, and higher HOA fees since the HOA handles the exterior and common areas.
Bottom Line
Ready to make your move in Ann Arbor? A condo or townhome could be your path to owning a home without blowing your budget. The Bouma Group, Realtors knows this market inside and out, from the walkable downtown condos to the tucked-away neighborhoods you’ll love calling home. Our team pairs deep local expertise with personalized guidance, listening to your budget, your must-have features, and the lifestyle you’re after, then matching you with properties that truly fit. Whether you’re drawn to low-maintenance condo living or a place with a little more room to grow, we’ll walk you through financing options, honest market insights, and every step in between so you feel confident from first tour to closing day.
Let’s find the right spot for you together, reach out today at 734-761-3060 or info@bouma.com. Let’s turn your Ann Arbor plans into keys in your hand.
Ann Arbor Condo Sales: H1 2026 Market Highlights
Quick answer: Ann Arbor’s condo market saw 282 sales in the first half of 2026, with prices ranging from $140,000 to $2,438,254. The average sale price came in at $441,625, while the median settled at $335,000. Condos that sold within 30 days averaged 99.74% of their original list price, reflecting strong demand across the market.
The Ann Arbor condo market delivered a wide range of opportunities in the first half of 2026. We saw compact, affordable units to stunning downtown residences that rival the finest homes in the area. Whether you’re a first-time buyer searching for an entry point into the market or a seasoned investor eyeing a luxury property, understanding how the market performed across all price points gives you a meaningful edge.
This post breaks down the H1 2026 Ann Arbor condo market by spotlighting the least expensive, median, average, and most expensive condos sold. We’ll also unpack the numbers behind days on market, sale-to-list price ratios, new construction trends, and resale activity—so you walk away with a clear, data-backed picture of where the market stands right now.
The Bouma Group tracked every detail of these 282 transactions closely, having listed 14 and sold 15 of these condos ourselves. Here’s what the data tells us.
The Least Expensive Condo Sold in Ann Arbor: 4214 Packard St #2
Photo courtesy of the MLS
At $140,000, 4214 Packard St #2 in the Arbor Heights complex represents the most affordable entry point into Ann Arbor condo ownership during the first half of 2026. This 591-square-foot, 1-bedroom, 1-bathroom unit proves that owning in Ann Arbor doesn’t have to be out of reach.
Compact and efficiently designed, this type of unit typically attracts first-time buyers, students, and investors looking to build equity or generate rental income in a city consistently ranked among the best places to live in Michigan. At just under $237 per square foot, it’s a reminder that value still exists in this market.
The Median-Priced Condo Sold in Ann Arbor: 531 Liberty Pointe Drive
The median sale price of $335,000 is represented by 531 Liberty Pointe Drive in the Liberty Pointe community. This townhouse-style condo that sold right at the midpoint of the H1 2026 market. With 1,378 square feet on the main levels plus an additional 626 square feet of finished lower level, this 2-bedroom, 3 full bath + 1 half bath home offers space and flexibility.
This property was listed by The Bouma Group, and its sale at the median price reflects our team’s deep familiarity with pricing strategy and market positioning across Ann Arbor’s condo segment.
Townhouse-style condos like this one are especially popular with buyers who want the feel of a single-family home with a private entry, multiple levels, more square footage, without the maintenance responsibilities that come with owning a stand-alone property. At $335,000, this sale lands squarely in the heart of Ann Arbor’s condo demand.
The Average-Priced Condo Sold in Ann Arbor: 431 S. 7th St
Photo courtesy of the MLS
The average sale price for H1 2026 is represented by 431 S. 7th St. Like the median property, this is a townhouse-style unit. It offers 1,056 square feet of living space plus 454 square feet in the finished lower level. It featured 3 bedrooms, 1.5 bathrooms, and an attached garage.
The gap between the median ($335,000) and the average ($441,625) is worth noting. It signals that higher-priced sales, particularly in luxury and new construction, are pulling the average upward. We consistently see this in the Ann Arbor condo market, where a cluster of premium transactions at the top end of the market has an outsized effect on the mean.
Understanding this distinction helps buyers and sellers alike interpret market data more accurately. The median often tells a more grounded story about typical buyer activity.
The Highest-Priced Condo Sold in Ann Arbor: 303 Detroit St #402
The standout transaction of the first half of 2026 was 303 Detroit St #402, which closed at $2,438,254. It was the highest condo sale price in Ann Arbor during the first half of 2026.
Located in the heart of the Kerrytown district, this 2,635-square-foot residence features 4 bedrooms and 4 bathrooms, and has been described as an exceptional unit with numerous custom finishes and upgrades. Kerrytown is one of downtown Ann Arbor’s most sought-after neighborhoods, offering walkable access to the Ann Arbor Farmers Market, boutique shops, acclaimed restaurants, and the broader downtown core.
At just over $925 per square foot, this sale is a benchmark for Ann Arbor’s luxury condo market. It shoes that demand at the top end of the market remains robust and that buyers are willing to pay a significant premium for location, quality, and craftsmanship.
Ann Arbor Condo Market Statistics: Days on Market and Sale-to-List Price Breakdown
The average of 44 days on market across all 282 sales requires some important context. New construction condos, which typically carry longer marketing timelines due to pre-sale and build phases, skew this figure higher. When you remove new construction from the equation, resale condos averaged just 38 days on market.
The sale-to-list price data tells an equally compelling story about the relationship between timing and pricing power:
- 0–30 days on market: 180 sales at an average of 99.74% of original list price
- 31–60 days on market: 33 sales at an average of 95.89%
- 61–90 days on market: 25 sales at an average of 95.41%
- 91–120 days on market: 20 sales at an average of 93.32%
- 121+ days on market: 24 sales at an average of 93.22%
The takeaway is clear: condos priced accurately from the start sell quickly and close near full price. Properties that linger on the market see meaningful price concessions which sometimes exceeded 6% off the original list price. For sellers, precision pricing at the beginning is necessary. For buyers, extended market time can signal negotiating room.
How Did Ann Arbor’s Luxury Condo Market Perform?
Sixteen condos sold for over $1,000,000 in the first half of 2026, confirming that Ann Arbor’s luxury condo segment is an active and established part of the market.
Of the 20 new construction condos that sold during this period, 10 were priced over $1 million. New construction sales naturally carry longer days-on-market figures. Pre-sale timelines, construction completion schedules, and buyer decision cycles all extend the process. This is the primary reason the overall average DOM is higher than the resale market experience would suggest.
Buyers pursuing new construction should anticipate this extended timeline and factor it into their planning. For those comparing new construction to resale, it’s also worth evaluating the total cost of customizations and finishes, which can add significantly to the final sale price, as seen with 303 Detroit St #402.
Resale Condo Market Insights for Ann Arbor
The resale segment accounted for 213 of the 282 total condo sales in H1 2026. With an average DOM of just 38 days, resale condos moved efficiently through the market, a reflection of steady buyer demand and relatively constrained inventory.
Resale buyers benefit from the ability to see a finished, occupied product, often with established HOA track records and known maintenance histories. For sellers in the resale market, the data reinforces the value of strategic pricing and preparation. The condos that sold fastest and closest to asking price were those that entered the market priced competitively from day one.
Across the board, the resale market showed healthy activity, which speaks to Ann Arbor’s unique position as a stable, high-demand real estate market anchored by the University of Michigan and a strong employment base.
What the H1 2026 Data Means for Ann Arbor Condo Buyers and Sellers
The first half of 2026 reinforced several patterns that both buyers and sellers should factor into their strategies.
For buyers: Speed matters. The majority of condos that sold in 30 days or fewer went for essentially full asking price. Buyers who are pre-approved, decisive, and working with experienced local agents are consistently better positioned to compete. Waiting for price reductions is a valid strategy for properties that have been sitting, but the best units rarely sit.
For sellers: An accurate list pricing is the most powerful tool at your disposal. Condos priced right sell fast and for close to full price. Those that miss the mark early lose momentum and ultimately net less.
For the market overall: With 282 sales, 16 luxury transactions, and a resale market averaging 38 days on market, Ann Arbor’s condo segment is performing with consistency and depth. The price range $140,000 to $2,438,254 reflects a market that serves diverse buyer profiles, from first-time purchasers to high-net-worth buyers seeking premium downtown residences.
Ready to Buy or Sell an Ann Arbor Condo? Contact The Bouma Group
The Bouma Group listed 14 and sold 15 of the condos that transacted in the Ann Arbor market during H1 2026. That level of involvement isn’t coincidental, it’s the result of years of focused expertise, an extensive buyer network, and a deep understanding of how Ann Arbor’s condo market operates at every price point.
If you’re thinking about buying or selling a condo in Ann Arbor, we’d love to put that expertise to work for you. Reach out to The Bouma Group today to discuss current market conditions, available listings, and how we can help you make the most of your next move.
📞 734-761-3060
🌐 www.bouma.com
📧 info@bouma.com
Condos Could Be a Win for Today’s Buyers
Condos Could Be a Win for Today’s Buyers
Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.
For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain, with the flexibility to stay in a great location.
And right now, condos are one of the most buyer-friendly parts of the market.
Condo Inventory Is Up, And That Means More Choice
According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):
Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition. In Ann Arbor right now, there are 140 condos for sale ranging in price from $174,900-$2,950,000 with a median price of $399,950, and an average of 85 days on the market. 25 of these units are new construction that range from $501,863-$2,858,000. If you’re looking for a good value, an existing condo in Ann Arbor is your best bet. See all Ann Arbor Condos currently for sale
You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective. See Ann Arbor complex details
That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.
Prices Are Cooling, and Buyers Hold More Negotiating Power
And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:
“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”
Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year. Ann Arbor has seen a drop of 3.3% in the median price year-to-date and 1.5% decrease in the average sales price.
Data from Redfin shows what the recent dip in prices looks like (see graph below):
That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.
Bottom Line
Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.
Could a condo check more boxes than you expected? Let’s talk through your options and find out. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com.
Should I Move with Today’s Mortgage Rates?
Should I Move with Today’s Mortgage Rates?
When mortgage rates spiked up over the last few years, some would-be condo and home buyers put their plans to move on pause. Maybe you did too because you didn’t want to move and take on a higher mortgage rate for your next place. But is that still the right strategy for you?
In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:
“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”
A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):
What Would Motivate You To Move?
Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood with more to offer and a close-knit sense of community? Maybe you need more space, you’re looking for your next great adventure, or you want a condo or house that opens up rental opportunities to pad your income.
And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. Once that happens, there will be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.
So, does that mean it’s worth moving now, even with rates where they are? The answer is: that it depends.
You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that.
Bottom Line
Other homeowners are getting used to rates and deciding to move. Let’s chat about what matters most and if it’s time for you to jump back into the market too. Contact us today at 734-761-3060 or info@condohotline.com and let’s discuss your options! Check out some different Ann Arbor condo communities here!
You May Have More Negotiation Power in Today’s Condo Market
Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper-competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers leading to better negotiations.
And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.
1. The Return of Contingencies
Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or the inspection, in hopes of gaining an advantage in a bidding war. But now, things are different.
The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection or appraisal is down. And a recent article from realtor.com points out more sellers are accepting contingencies:
“A year ago, sellers were calling all the shots and buyers were launching legendary bidding wars, waiving contingencies, and paying for homes in cash. But now, the shoe is on the other foot, and 92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), . . .”
This doesn’t mean we’re in a buyers’ market now, but it does mean you have a bit more leverage when it comes time to negotiate with a seller. The days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.
2. Sellers Are More Willing To Help with Closing Costs
Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.
Today, data suggests this is making a comeback. A realtor.com survey shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.
Bottom Line
Despite the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back to the table. Let’s connect today to find out how the market is shifting in our area. Contact us, the Ann Arbor Condo Specialists at The Bouma Group at 734-761-3060 or info@condohotline.com.
3 Trends That Are Good News for Today’s Condo and Home Buyers
While higher mortgage rates are creating affordability challenges for condo and homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are 3 trends that may benefit you when you buy a home today.
1. More Homes To Choose from
During the pandemic, housing supply hit a record low while buyer demand skyrocketed. This combination made finding a condo or home difficult because there just wasn’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
2. Bidding Wars Have Eased
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
If you tried to buy a house or condo over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching with less competition.
3. More Negotiation Power
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip essential steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the condo or home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
Bottom Line
If you are on the fence about whether or not to begin your condo or home search, consider these 3 trends that favor the buyer! While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a condo or home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today. Contact us at 734-761-3060 or info@condohotline.com to start your search!
3 Graphs To Show This Isn’t a Housing Bubble
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.
There’s a Shortage of Homes on the Market Today, Not a Surplus
The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to tumble. Today, supply is growing, but there’s still a shortage of inventory available.
The graph below uses data from the National Association of Realtors (NAR) to show how this time compares to the crash. Today, unsold inventory sits at just a 3.0-months supply at the current sales pace.
One of the reasons inventory is still low is because of sustained underbuilding. When you couple that with ongoing buyer demand as millennials age into their peak homebuying years, it continues to put upward pressure on home prices. That limited supply compared to buyer demand is why experts forecast home prices won’t fall this time.
Mortgage Standards Were Much More Relaxed During the Crash
During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. The graph below showcases data on the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA). The higher the number, the easier it is to get a mortgage.
Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home. Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.
Today, things are different, and purchasers face much higher standards from mortgage companies. Mark Fleming, Chief Economist at First American, says:
“Credit standards tightened in recent months due to increasing economic uncertainty and monetary policy tightening.”
Stricter standards, like there are today, help prevent a risk of a rash of foreclosures like there was last time.
The Foreclosure Volume Is Nothing Like It Was During the Crash
The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been on the way down since the crash because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help tell the story:
In addition, homeowners today are equity rich, not tapped out. In the run-up to the housing bubble, some homeowners were using their homes as personal ATMs. Many immediately withdrew their equity once it built up. When home values began to fall, some homeowners found themselves in a negative equity situation where the amount they owed on their mortgage was greater than the value of their home. Some of those households decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at considerable discounts that lowered the value of other homes in the area.
Today, prices have risen nicely over the last few years, and that’s given homeowners an equity boost. According to Black Knight:
“In total, mortgage holders gained $2.8 trillion in tappable equity over the past 12 months – a 34% increase that equates to more than $207,000 in equity available per borrower. . . .”
With the average home equity now standing at $207,000, homeowners are in a completely different position this time.
Bottom Line
If you’re worried we’re making the same mistakes that led to the housing crash, the graphs above should help alleviate your concerns. Concrete data and expert insights clearly show why this is nothing like the last time. We study the real estate market every single day, so give us a call today at 734-761-3060 to talk about your particular condo or home buying or selling goals in today’s market at 734-761-3060 or email info@condohotline.com.
Is It Enough To Offer Asking Price in Today’s Housing Market?
If you’re planning to buy a home or condo this season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the property. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.
In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.
Things Are Different Today
Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), the average property that’s sold today:
- Receives 4.8 offers
- Sells in just 17 days
Homes and condos selling quickly and receiving multiple offers show how competitive the market is for buyers right now. This is because there are more buyers on the market than properties for sale. When the number of homes available can’t keep up with demand, they often sell for more than the asking price.
How Does This Impact You When It’s Time To Submit an Offer?
Market conditions should help guide your decisions throughout the process. Today, the asking price is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time to submit an offer, but you should also use that information as you’re searching too. After all, you don’t want to fall in love with a condo or home that ultimately sells for a price higher than what you’ve budgeted for.
The Mortgage Reports has advice if you’re looking to purchase a home or condo in a competitive market. The article encourages you to be realistic with your housing search, saying:
“The best thing to do is set your budget and expectations ahead of time so you know how much you can afford to offer — and when to walk away. This will make negotiations a lot easier.”
Of course, when you’ve found your dream home, you’ll want to do everything you can to submit your best offer upfront and win a potential bidding war. Knowing the current market is key to crafting a winning offer. That’s where working with an expert real estate advisor becomes critical.
A real estate professional will draw from their experience and expert-level knowledge of today’s housing market throughout the process. They’ll also balance conditions in your area to make sure your offer stands out above the rest.
Bottom Line
Understanding how to approach the asking price of a condo or home and what’s happening in today’s real estate market are critical for buyers. Let’s connect so we can work together to create a winning plan for you. Contact us today at 734-761-3060 or info@condohotline.com!
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 – 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!