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 – July 2020
Comparable Inventory for Ann Arbor Condos
Besides year-to-date sales, all other inventory for Ann Arbor condos have remained stable. July saw 108 new units hit the market, a 4.9% increase from the 103 last July. The amount of sold condos experienced a decline of 4.8%, from 83 to 79 this past month. As for the average listing price, it came to $314,864 versus $293,782 before, a 7.2% rise. Like usual, the average selling price was lower than the average listing price. The ASP for the previous July was $277,709, this year had an 8.4% decrease to $254,375. Luckily for sellers, the average days on the market is down a considerable 22% from July 2019 to 32 days this month.
Aforementioned, the biggest change for the year-to-date statistics was related to the amount of sold condos – 378 units have been sold so far, and this is 13.7% decrease from the 438 last year. A total of 611 condos have been entered into the MLS in 2020, and this is a less drastic difference compared 631 previously, a 3.2% decline. The ALP has seen a minute decrease, from $328,760 to $322,336 now. Cumulatively the ASP is $271,931, which is a 5.6% decline from $288,142 before.
For all of your condos needs, contact the condo specialists with The Bouma Group at 734-761-3060 or email info@condohotline.com. Read more about Ann Arbor condos here!
Ann Arbor Condo Report – June 2020
Listed and Sold Inventory Remain Balanced
With the start of summer, the inventory for Ann Arbor condos have maintained their balance. Last June, 68 condos were both listed and sold, and although there was a 14.7% decline on the whole this June, 58 condos were listed and were also sold. The average listing price has increased 6% from $316,090 to $335,158. And as for the average selling price, it experienced a decline, $298,525 versus $272,911 now – an 8.6% difference. Unfortunately for sellers, the average days on market has drastically increased by 112% to 53 days.
Examining the year-to-date statistics, we see an overall decline in all areas. The amount of newly added listings has dropped by 27.8% from 421 condos to 304 entered so far this year. And for these condos the ALP is $326,550, a 4.3% decrease from $341,102 previously. A total of 168 condos have been sold thus far, and compared to the 293 last year at this time, this is a significant 37.5% decline. Thankfully, the ASP has seen a lesser difference of 7.7%, from $291,760 to $269,337.
Although the future of the condo market may seem uncertain, let the experts with The Bouma Group help with all of your questions and concerns. You can contact us at (888)581-6923 or email info@condohotline.com. Learn more about Ann Arbor condos here!
Ann Arbor Condo Report – February 2020
Lower Prices for Ann Arbor Complexes
In the month of February, Ann Arbor condo units experienced lower prices overall. The average listing price decreased slightly by 3% from $361,306 to $350,632. More listings were entered this past month though, last February had 43 while most recently 52 condos were added, a 21% increase. As for sold condos, 31 were sold which is an 8.8% decrease compared to the 34 sold previously. There has been a 4.3% decline in the average sale price, from $294,208 to $281,585 currently. Condo sellers will be excited with the 33.8% decrease in the average days on the market to 43 days.
As for the year-to-date statistics, there has been a considerable increase in the amount of listings from 81 to 110 units, a 35.8% change. The ALP overal is $363,710, risen slightly by 4.3% from last year’s ALP of $348,707. So far this year 62 condos have been sold, and in comparison to the 70 condos prior this is an 11.4% decline. The ASP has decreased by 6.1% from $298,639 to $280,296 cumulatively now.
For all of your condo questions and quandries, contact the condo experts with The Bouma Group at 734-761-3060 or email info@condohotline.com. Check back here for more updated information on Ann Arbor condos!