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!

5 Reasons to Sell Your Condo the Spring!

Here are 5 compelling reasons listing your condo for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home or condo.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 47 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

If you’re ready to find out what your condo is worth and what you need to do to get it sold, contact us, the condo specialists at 734-761-3060 or info@condohotline.com today!