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!

Ann Arbor Condominium Report for July 2019

Condo Prices Declining

Both listing and selling prices for Ann Arbor condos have significantly decreased in comparison to last year’s statistics. In the past month, 74 units were listed and this is a 22.1% decline compared to the 95 entered into the MLS the July prior. The average listing price has dropped a considerable 35.4% from $415,405 to $268,219 presently. Compared to July 2018, there has only been a slight rise in the amount of sold condos, 64 versus 68 units. Similar to the ALP, the average selling price has also declined, from $323,768 to $275,919, a 14.8% decrease. Unfortunately for sellers the average days on the market for this July has tripled to 40 days. (more…)

Ann Arbor Condo Report – January 2019

Decline in Listing and Selling Prices for Ann Arbor Condos

Ann Arbor condos have seen a decline in many facets this new year. 38 units were listed this January, only a 5% decrease from the 40 sold the previous January. The average listing price declined 16.4%, $334,687 versus the $400,116. The great news for sellers is that 35 units were sold, which considering only the 38 units entered in January, means that 92% of the condos listed were theoretically sold. Further, compared to the first month of 2017 when only 23 condos, January 2019 saw a 52.2% rise in condos sold. Selling prices declined though, from $327,434 to $297,333, a 9.2% lower. Unfortunately for sellers, the average days on the market is extremely high at 76 days.

For all your condominium quandaries and questions, contact the condo specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Keep up with our blog for all the information you need to know about Ann Arbor condos and surrounding areas!

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!