Downtown Ann Arbor Condo Market Update: Q1 2026

The Downtown Ann Arbor condo market is springing into action, but buyers face tighter inventory than they did last year. The downtown landscape continues to evolve rapidly. City planners continue to approve new condo and apartment developments, promising fresh opportunities on the horizon.

Whether you want to buy your first downtown property or sell a luxury penthouse, understanding these shifts is crucial. Here is your complete breakdown of the Q1 2026 real estate market.

The Shifting Downtown Landscape

Inventory remains a key factor this quarter. While resale options have dipped, new construction projects are stepping up to meet the high demand for downtown living.

New Construction and Future Developments

Currently, 15 new construction condos are listed in the MLS, with four already under contract. Several exciting projects recently received approval, which will significantly expand downtown housing options:

Braun Court: 36 luxury condos
303 Detroit: 18 luxury condos
Dunbar Tower: 63 affordable apartments

Additionally, several major projects are currently in the planning phase:

315 Huron: 285 apartments
1st Street Condos: 48 condos

Active Resale Inventory Dips

The resale market is highly competitive. Right now, 19 resale listings are on the market. Eight of those are already under contract, leaving just 11 condos actively available for purchase. This represents a significant drop from the first quarter of 2025, which featured 18 available units.

Q1 2026 Closed Sales Breakdown

Nine properties successfully closed during the first quarter of 2026. Buyers acted quickly, and many units sold at or near their asking prices.

212 Miller Avenue

Three new construction units closed in this building:

Unit 101: This 1,556-square-foot, 2-bedroom, 2-bath unit with a 2-car garage sold for $1,016,049.
Unit 103: Featuring 1,543 square feet, 2 bedrooms, 2.5 baths, and a 2-car garage, this unit sold for $1,047,760.
Unit 302: This spacious 2,754-square-foot condo with 3 bedrooms, 3.5 baths, and a 2-car garage sold for $2,408,292.

410 First Condos

410 N. 1st Street #301: Originally listed for $1,359,000, the sellers adjusted the price to $1,329,000. It sold for $1,250,000 after 38 days on the market. The condo features 1,945 square feet, 3 bedrooms, 2.5 baths, and a 2-car garage.

542-548 N. Main Condos

546 N. Main St: Listed for $1,750,000, this property sold for full price in zero days. The in-office sale required no exposure to the MLS. The condo offers 2,014 square feet, a finished basement, 3 bedrooms, 2.5 baths, and a 2-car garage.

515 N. Fifth Condos

Unit 1, 515 N. Fifth St: Listed for $1,790,000, this unit sold for $1,780,000 in just 8 days. It features 2,306 square feet, a finished basement, 3 bedrooms, 3.5 baths, and a 2-car garage.

Liberty Lofts

Two sales closed in this popular building:

Unit #513: This 1,382-square-foot penthouse with 2 bedrooms, 1 bath, and a 1-car garage hit the market at $740,000. It sold for full price in 11 days.
Unit #510: Listed by The Bouma Group for $939,000, this 1,826-square-foot penthouse (2 bedrooms, 2 baths, 1-car garage) sold for full price in exactly 1 day.

Ashley Terrace Condos

111 S. Ashley #406: Listed for $499,900, this unit sold for $490,000 in 11 days. The condo features 803 square feet, 1 bedroom, 1 bath, and a 1-car garage.

Navigate the Market with Confidence

In a shifting market, you need the most accurate, up-to-date information to make the best financial decisions. If you are thinking of selling, current low inventory makes this an excellent time to list your property.

The Bouma Group maintains a firm grasp on the dynamics of the Downtown Ann Arbor condo market. We closely track upcoming projects and monitor incoming inventory before it hits the broader market.

We would consider it a privilege to work with you. To discuss your real estate goals, call our office at 734-761-3060. You can also visit us at our downtown location at the corner of S. Main and Madison. For real-time updates on the Ann Arbor condo market, check out condohotline.com or bouma.com.

Secure Your University of Michigan Student’s Ann Arbor Condo: Why Early Planning Pays Off

Your Guide to Buying a University of Michigan Condo for Fall

Fall classes at the University of Michigan might seem months away, but the timeline to secure the perfect student housing is much shorter than you think. If you plan to buy a condo for the upcoming academic year, waiting until summer will leave you scrambling. The Ann Arbor real estate market moves quickly, and the best properties go to buyers who prepare early.

By starting your preparations right now, you position yourself to grab the ideal property as soon as it hits the market. This guide covers why early preparation matters, what the upcoming spring market means for your search, and the exact steps you need to take to get ready.

Why You Need to Prepare Now

Securing a condo before the fall semester requires a strategic head start. Real estate transactions take time. Between getting pre-approved for a mortgage, hunting for the right property, negotiating an offer, and closing the deal, the entire process can take several months.

If you wait until June or July to start looking, you risk running into tight deadlines. A delayed closing could mean paying for a temporary hotel or moving belongings multiple times. By starting your preparations now, you give yourself a comfortable buffer to handle any unexpected delays. You also give yourself the luxury of time to explore different neighborhoods, compare building amenities, and make an informed decision without the pressure of a looming move-in date.

The Spring Market Advantage

The real estate market operates on a distinct seasonal cycle, and Ann Arbor is no exception. While the winter months usually see lower inventory, the spring market is right around the corner. Spring is traditionally the busiest time for real estate, bringing a surge of new condo listings to the area.

Many current students and property owners wait until the end of the academic year approaches to list their condos. This means a wave of fresh inventory will hit the market soon. If you have your finances and strategy organized before this influx of properties arrives, you can act immediately when the right condo becomes available. Buyers who wait until the spring to begin their preparations often miss out on the best units because other, more prepared buyers beat them to the punch.

Steps to Get Ready for Your Condo Search

Taking action now ensures you are ready to strike when the spring inventory arrives. Follow these essential steps to set yourself up for a successful purchase.

1. Organize Your Finances

Your first step is understanding your buying power. If you plan to finance the condo, connect with a mortgage lender to get pre-approved. A pre-approval letter shows sellers that you are a serious, qualified buyer, which is crucial in a competitive market.

If you plan to pay in cash, gather your proof of funds. You should also outline your budget for closing costs, homeowners association (HOA) fees, property taxes, and potential renovations or furnishings. Knowing your exact budget helps narrow down your search and prevents you from falling in love with a property outside your price range.

2. Define Your Must-Haves

Sit down with your student and determine what features are most important. Consider how close the condo needs to be to specific campus buildings, the medical center, libraries, or bus routes. Think about the building amenities that matter most. Do you need secure parking, on-site laundry, or a fitness center?

Make a list of non-negotiable features and a separate list of nice-to-have bonuses. This clarity will make your property search much more efficient and help your real estate agent find the best matches for your needs. Check out our condo complex map.

3. Partner with a Local Expert

Navigating the Ann Arbor condo market requires insider knowledge. You need a real estate partner who understands the nuances of different condo communities, the rules of local HOAs, and the true market value of these properties. Connecting with an agent now allows them to start monitoring the market on your behalf and alert you the moment a suitable property is listed.

The Bouma Group Difference

When it comes to the downtown Ann Arbor condo market, no one knows it better than The Bouma Group, Realtors. We have decades of experience helping parents and students find the perfect home base near the University of Michigan.

We understand the unique needs of student housing and the specific dynamics of the local market. Our unparalleled expertise means we can guide you toward the best investments, negotiate strongly on your behalf, and ensure a smooth closing process before the fall semester begins. We keep our finger on the pulse of the market so you never miss an opportunity.

Get Started Today

The spring market will be here before you know it. Take the stress out of your fall housing search by taking the first step today.

Contact us at The Bouma Group, Realtors to request our latest condo report and discuss your specific needs. Reach out to us at 734-761-3060 or email us at info@bouma.com. Let our team help you secure the ideal Ann Arbor condo so you can focus on a successful academic year ahead.

Ann Arbor Condo Market Review 2025: Sales & Statistics

2025 has been another dynamic year for real estate in Tree Town! The Ann Arbor condo market displayed incredible variety, offering everything from efficient starter units to luxurious downtown penthouses. Whether you are a first-time buyer looking to put down roots or a seasoned investor seeking a luxury property, the 2025 numbers tell a compelling story of a vibrant and active community.

We saw a total of 565 condos sold throughout the year, with properties moving at a brisk pace. If you are curious about what your money could buy in 2025, or simply love keeping a pulse on local real estate trends, we have broken down the defining sales of the year. Let’s dive into the specifics of the lowest, median, average, and highest-priced condos sold in Ann Arbor.

A Look at the Extremes: Highs and Lows

The range of options in Ann Arbor is vast. To illustrate the full spectrum of our local market, let’s examine the entry-level options alongside the absolute peak of luxury living.

Lowest Priced Sale: Value at Independence Condos

Affordability is still possible in Ann Arbor if you know where to look. The lowest-priced sale of the year was located at 2411 Packard St 51E within the Independence Condos community.

This unit offered a great entry point into homeownership:

Sold Price: $103,500 (Listed at $115,000)
Size: 896 square feet
Layout: 2 bedrooms, 1 bathroom
Speed: Sold in just 4 days

Despite the lower price point, this condo moved incredibly fast, spending less than a week on the market. It proves that well-priced inventory at any level attracts immediate attention from buyers.

Highest Priced Sale: Luxury at N Fourth Condos

On the other end of the spectrum, we saw stunning luxury sales. The crown jewel of 2025 was 401 N 4th Avenue, a magnificent residence at N Fourth Condos right in the heart of Downtown Ann Arbor.

This property commanded a premium price for its prime Kerrytown location and expansive layout:

Sold Price: $2,150,000 (Sold significantly over the $1,985,000 list price)
Size: 2,543 square feet
Layout: 2 bedrooms, 2.5 bathrooms
Speed: Sold in just 7 days

The fact that this unit sold for $165,000 over the asking price in just one week highlights the intense demand for high-end, downtown living spaces.

The Market Core: Median and Average Sales

While the extremes grab headlines, most activity happens in the middle. Here is a look at the properties that represented the “typical” Ann Arbor condo transaction in 2025.

Median Priced Sale: Weatherstone Condos

The median price represents the exact middle of the market. For 2025, the median sale was 1659 Coburn Drive at the popular Weatherstone Condos. We were proud to list this property at The Bouma Group!

This sale perfectly represents the quality available at the mid-market range:

Sold Price: $349,000 (Full asking price)
Size: 1,342 square feet
Layout: 2 bedrooms, 2 bathrooms
Speed: Sold in 8 days

With a sale time of just over a week at full price, this transaction underscores the stability and desirability of established communities like Weatherstone.

Average Priced Sale: The Arbors

The average price for the year was the sale of 4350 Pine Ridge Court at The Arbors. The Bouma Group had the pleasure of representing the buyer for this transaction.

This property offered generous space and comfort:

Sold Price: $414,500 (Listed at $424,900)
Size: 1,786 square feet
Layout: 3 bedrooms, 2.5 bathrooms
Speed: Sold in 16 days

This sale highlights a slightly larger footprint than the median, offering buyers nearly 1,800 square feet and three bedrooms for just over $400k.

2025 Market by the Numbers

Beyond specific properties, the broader statistics give us a clear view of market health. In 2025, the average “Days on Market” (DOM) for all 565 sales was just 33 days. This indicates a seller’s market where buyers need to act decisively.

How Fast Did Homes Sell?

Speed was the name of the game for the vast majority of listings. Here is the breakdown of how long condos stayed on the market:

0-30 Days: 384 sales
31-60 Days: 93 sales
61-90 Days: 42 sales
91-120 Days: 13 sales
121+ Days: 33 sales

With 384 out of 565 units selling in the first month, preparation is key. Buyers who are pre-approved and ready to write offers have a distinct advantage.

New Construction and Luxury Trends

New developments continue to shape our skyline and neighborhoods. There were 31 new construction condos sold this year. These units had a longer average market time of 114 days, which is typical for new builds where sales often occur before construction is complete.

The luxury sector also showed strength. A total of 16 condos sold for over $1 million, and notably, 4 of those were new construction projects. This data suggests a growing appetite for premium, modern amenities in the Ann Arbor area.

Work with the Ann Arbor Condo Specialists

Navigating a condo market that ranges from $100k to over $2M requires local expertise and a deep understanding of neighborhood nuances. Whether you are looking to sell your current condo for top dollar or find the perfect new home in a competitive landscape, we are here to guide you.

At The Bouma Group, Realtors, we know the buildings, the bylaws, and the buyers. Let us put our experience to work for you!

Contact us today to start your journey.
Call 734-761-3060 or email info@bouma.com

Downtown Ann Arbor Condo Market Update – Q2 2025

Second Quarter Stats for Downtown Condos

The second quarter of 2025 has brought noteworthy changes to the downtown Ann Arbor condo market, presenting both opportunities and challenges for buyers and sellers. With a sharp 90% increase in inventory, longer average Days on Market (DOM), and exciting new developments in the Kerrytown area, the market is buzzing with activity. Whether you’re looking to buy or sell, understanding these shifts and knowing how to navigate them can make all the difference.

Key Market Trends for the Second Quarter

1. Inventory Expansion

The number of active condo listings in downtown Ann Arbor surged by 90% compared to Q2 2024. Last year, only 11 units were available; this year, that number rose to 21.

For buyers, this increase means more options and stronger negotiating power. For sellers, however, it creates a more competitive environment, making pricing strategy and property presentation critical to standing out.

2. Longer Days on Market (DOM)

The average DOM for active listings has climbed to 76 days, up significantly from the 22-day average of recently sold properties. This trend suggests that higher inventory is giving buyers more time to weigh their options.

Sellers should take note: pricing accurately, investing in professional staging, and leveraging targeted marketing are key to capturing buyer interest and reducing time on the market.

N Fourth Condo building in Downtown Ann Arbor's Kerrytown district

N Fourth Condo building in the Kerrytown district

3. Noteworthy Sales Highlights

Despite market challenges, Q2 2025 saw some remarkable sales activity:

A total of 19 condos were sold during the quarter.
Ashley Terrace led the way with five sales, though all closed below their listed prices.
The highest sale of the quarter occurred at 401 N. 4th Avenue, selling for $2.15 million—$165,000 above list price.

This shows that while competition is fierce, unique and desirable properties can still command premium prices and strong buyer interest.

4. Increase in Price Reductions

Price reductions rose by 86% in June compared to the same month in 2024. Furthermore, only 25% of condos sold above list price—a notable drop from 38% in 2024 and 66% in 2023.

For buyers, this cooling trend signals opportunities to negotiate, especially for properties that have been on the market longer or require updates. Sellers, on the other hand, must adapt with competitive pricing and appealing home presentation to attract today’s more cautious buyers.

Detroit Street Condos in Downtown Ann Arbor's Kerrytown District

Detroit Street Condos Under Construction in the Kerrytown District

Exciting Developments in Kerrytown

Kerrytown continues to thrive as a vibrant urban neighborhood, with two exciting new condo projects on the horizon:

The Market Place building at 303 Detroit Street is being transformed into 14 modern condos.
Braun Court is set to become a seven-story building featuring 36 condos.

These developments will not only add inventory but also reinforce Kerrytown’s reputation as a sought-after location for urban living.

Advice for Sellers

Adapting to the evolving market is essential for sellers. Here’s how to stay ahead:

Price competitively: Overpricing can lead to longer DOM, which dampens buyer interest. Use real-time market data to set an accurate price.
Invest in presentation: Professional staging can enhance your property’s appeal, showcasing its best features to potential buyers.
Market strategically: Partner with an experienced Realtor to craft targeted marketing campaigns that highlight your property’s strengths and attract serious buyers.

Keep in mind, securing an offer within the first 7–10 days is crucial. Homes that sit on the market longer may struggle to maintain buyer interest or achieve full-price offers.

Opportunities for Buyers

For buyers, the current market offers enticing possibilities:

More options: The expanded inventory provides a wider range of properties to choose from, with varying layouts, price points, and locations.
Greater negotiating power: Longer DOM and increased listings give buyers leverage to negotiate favorable deals or request updates as part of the purchase.
Act quickly for top properties: Turnkey condos in prime locations are still selling quickly, often above list price. Knowing what you want and acting decisively is key.

The Value of Expert Representation

Navigating a dynamic market requires expertise. Working with a knowledgeable Realtor can give you a significant advantage:

In-depth market insight: Expert Realtors understand the downtown Ann Arbor and Kerrytown markets, providing the data and trends you need to make informed decisions.
Strategic planning: Realtors help sellers position their properties for success and guide buyers toward the best opportunities and deals.

At The Bouma Group, we specialize in the downtown Ann Arbor condo market. From accurate market analysis to strategic marketing and skilled negotiation, we provide the tools and expertise you need to achieve your goals.

Looking Ahead

Whether you’re preparing to sell or exploring buying opportunities, staying informed about Ann Arbor’s shifting condo market is essential. With more inventory, new developments, and changing buyer behavior, the landscape is evolving rapidly. With the right strategies and expert guidance, you can seize these opportunities and succeed in Q2 2025 and beyond.

When you’re ready to make your move, reach out to The Bouma Group for personalized support. We’re here to help you navigate every step of your condo journey.

Now is the perfect time to take advantage of the downtown Ann Arbor market—connect with us today at 734-761-3060 or info@condohotline.com!

Ann Arbor Condo Market Update – Fall 2024

A Deep Dive into Ann Arbor Condo Market Trends in 2024

Ann Arbor’s condo market is bustling with activity as we move through 2024. In the first three quarters alone, the data shows interesting patterns and trends that both current condo owners and potential buyers should consider. Here’s a detailed look at what you need to know.

Overview of the Ann Arbor Condo Market

New Listings: 604 new listings have been recorded, representing a modest increase of 1.7% compared to the same period last year.
Pending Sales: There have been 482 pending sales, showing a slight dip of 1%.
Closed Sales: 470, marking a decrease of 2.5%.
Days on Market: Condos are selling faster, with an average of just 35 days on the market, an impressive drop of 35%.

Pricing Trends

Median Sales Price: The median sales price has increased by 13%, now standing at $356,000.
Average Sales Price: This year, the average sales price has risen to $416,563, which is a 7% increase.
Percent of List Price Received: Sellers are receiving on average 100.8% of their asking prices, a slight decrease of 0.5%.

Downtown Ann Arbor Condo Market

Currently Active: There are 36 active listings in downtown Ann Arbor.
Pending Listings: 26 condos are currently under contract.
Sales Activity: There have been 77 closed sales. Notably, seven of these sales have been over $1,000,000, including four new construction units.
Affordable Options: For those seeking more affordable options, 30 units sold under $300,000, predominantly located in Tower Plaza.
Median and Average Sales Prices: The median sales price is $451,000, and the average sales price is $534,562.

Spotlight on Notable Sales

Most Expensive Condo Sold

101 N. Main St. #906, Downtown Ann Arbor
One North Main Condos
2,316 square feet with 3 bedrooms and 2 baths
Listed for $1,195,000
Sold for $1,625,000
13 days on market

The top-tier properties in Ann Arbor’s market continue to command significant attention. One of the most expensive condos sold this year was a luxurious unit in the heart of downtown, fetching well over $1,000,000 and showcasing the continued demand for high-end urban living.

Average Condo Sale

111 N. Ashley St. #604, Downtown Ann Arbor
Ashley Terrace Condos
863 square feet with 1 bedroom and 1 bath
Listed for $439,900
Sold for $420,000
27 days on market

The average condo sale in Ann Arbor reflects the broader trends of increasing prices, with typical units selling at around $416,563. These average-priced condos often offer a balanced mix of location, amenities, and value, making them appealing to a wide range of buyers.

Least Expensive Condo Sold

555 E. William St. #5L, Downtown Ann Arbor
Tower Plaza
430 square feet, studio with 1 full bath
Listed for $185,000
Sold for $185,000
1 Day on Market

At the other end of the spectrum, some of the least expensive condos, particularly in areas like Tower Plaza, provide affordable entry points into the Ann Arbor real estate market. These units, selling for under $300,000, offer great opportunities for first-time buyers or those looking for investment properties.

Key Takeaways for Buyers and Sellers

For buyers, the Ann Arbor condo market remains competitive, but opportunities exist across various price points. It’s essential to move quickly, given the reduced days on market. Sellers, meanwhile, can take advantage of the appreciating prices and quick sales, although it’s important to price realistically to ensure swift transactions.

Whether you’re considering buying or selling a condo in Ann Arbor, understanding these trends can help you make informed decisions. Stay tuned for more updates as the year progresses, and don’t hesitate to reach out if you’re ready to explore the Ann Arbor condo market further. Contact us today at The Bouma Group at 734-761-3060 or info@condohotline.com.

Ann Arbor Named Most Educated City in America by WalletHub

Ann Arbor Rated The Most Educated City…Again!

Ann Arbor has once again proven why it’s a fantastic place to live, especially for those connected to the University of Michigan. WalletHub recently named Ann Arbor the most educated city in America, for the 7th year in a row, a title that underscores the city’s commitment to academic excellence and intellectual growth. But what does this mean for prospective condo buyers, university doctors, and professors? Let’s explore why you should consider making Ann Arbor your home.

A Hub of Academic Excellence

Ann Arbor’s reputation as the most educated city is largely due to its close proximity to the University of Michigan. This world-renowned institution attracts top-tier talent from around the globe, creating a vibrant community rich in knowledge and innovation. For university doctors and professors, living near the campus means less commuting and more time to focus on what truly matters—research, teaching, and patient care at the University of Michigan Medical Center.

Cultural Activities

Ann Arbor isn’t just about academics; it’s a cultural haven as well. The city offers a plethora of cultural activities that cater to diverse interests. From art galleries and theaters to music festivals and literary events, there’s always something happening. Living in an Ann Arbor condo means you’re just a short walk or drive away from these enriching experiences. Imagine attending a thought-provoking lecture at the university one evening and enjoying a live jazz performance the next. The possibilities are endless.

Parks and Recreation

For those who appreciate the great outdoors, Ann Arbor does not disappoint. The city boasts numerous parks, trails, and recreational areas that offer a break from the hustle and bustle. Nichols Arboretum and Gallup Park are just two examples of the many green spaces where residents can unwind, exercise, and connect with nature. Living in an Ann Arbor condo gives you easy access to these natural retreats, enhancing your quality of life.

Why Buy an Ann Arbor Condo?

Proximity to Key Locations

One of the biggest advantages of living in an Ann Arbor condo is the location. You’ll be close to the University of Michigan and its medical center, making it an ideal choice for university staff and medical professionals. No more long commutes or traffic hassles; just a quick stroll or drive to work. Check out the wide variety of Downtown Ann Arbor buildings here.

Investment Potential

Property values are expected to rise with Ann Arbor being named the most educated city. Investing in a condo here is not just about finding a place to live but also about securing a valuable asset for the future.

Community and Amenities

Condo associations often come with modern amenities such as fitness centers, swimming pools, and communal spaces that foster a sense of community. You’ll be living among like-minded individuals who value education, culture, and quality living.

Conclusion

Ann Arbor’s recognition as the most educated city in America is a testament to its outstanding academic environment, vibrant cultural scene, and excellent recreational opportunities. For prospective condo buyers, especially those affiliated with the University of Michigan, Ann Arbor offers an unparalleled living experience. Ready to make the move? Explore our listings and find your perfect Ann Arbor condo today! Contact us at The Bouma Group 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

There Are Several Great Reasons To Consider Buying a Condo Today

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.

Here are a few reasons condos may be something you’ll want to consider.

Exploring Condos Could Add Options That Fit Your Budget

Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans.

In a recent article, Bankrate covers some of these differences:

“Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”

But if the size of a condominium meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single-family homes, the median price is $363,800. And for condominiums, the median price is lower at $305,400.

So, if budget is top of mind for you, a condominium could be a great fit within your target price range.

Not to mention, buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stairstep that can help you buy your dream home later on.

Find Out if Condo Living Is Right for You

In addition, owning and living in a condo is also a lifestyle choice. While it’s true they may be smaller than single-family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.

To understand if condo life is for you, Bankrate recommends asking yourself a few simple questions:

“Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.”

Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you.

Bottom Line

Condominiums are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, let’s connect so you have an expert in the condo-buying process on your side. Reach out to us a call today at 734-761-3060 or info@condohotline.com.

Downtown Ann Arbor Condo Market Update – 4th Quarter 2019

The Downtown Ann Arbor Condo Market saw 12 closings in the 4th Qtr of 2019 with three of them being new construction condos at Kingsley Condos. This compares to only 3 closings in the 4th Qtr of 2018.

Three of the downtown sales are located at 515 N. Fifth Ave, which is a 4-plex built in 2013 that was converted into condos and located in the heart of Kerrytown. Unit #1 was priced originally for $1,495,000. The price was lowered to $1,149,900 and sold for $1,115,000 after 189 days on the market. Unit #2 was priced originally for $1,400,000. The price was lowered to $1,200,000 and sold for $1,149,000 after 228 days on the market. Unit #3 was priced at $450,000. The price was lowered to $399,000 and it sold for $400,000 after 217 days on the market.

Sloan Plaza saw 3 sales in the 4th Qtr, which is 9% of the total units in the building.

139 Ashley Mews – priced originally at $595,900, the price was lowered several times down to $450,000. It sold for $445,000 after being on the market for 211 days. This is a 1221 SF, 1 bedroom, 2 bath condo. It last sold in 2014 as a Bank Owned Property for $315,000.

115 W. Liberty – priced originally at $995,000, the price was lowered to $895,000 and sold for $895,000 after being on the market for 172 days. This unique 2,100 SF loft unit is located in the heart of downtown on top of retail space. It last sold in 2013 for $689,900.

111 N Ashley #1007 – priced at $550,000, this Ashley Terrace Penthouse unit sold for $525,000 in 13 days.

Excluding the new construction condos, nothing sold for list price or above in the 4th Qtr. with some of the condos having to lower their prices significantly.
As of January 1, 2020, there are 9 re-sale condos for sale with 3 under contract. There are also 24 condos available at Kingsley Condos where over 50% are now sold. We will be entering 2020 with 33 condos that are ready for occupancy. This is a 27% drop from the 1st Qtr of 2019 when there were 45 active listings.

Adding to the downtown inventory are the pre-sales on up-and-coming developments. The Gallery (21 units – 11 units are pre-sold) , The Garnet (10 units), and 309 Ashley (17 units – 10 are pre-sold). None of these new developments will be ready for occupancy until 2021.

Ashley Terrace has 6 active listings with 2 under contract. The average days on the market for these listings is 146 days.

Liberty Lofts has 1 condo for sale that is under contract. Priced originally at $559,900, the price was lowered to $519,900 and it went under contract after 140 days on the market.

North Main Lofts has 1 condo for sale. Priced originally at $649,900, the price was lowered to $589,000. It has been on the market for 238 days. It last sold in 2016 for $600,000.

As mentioned in previous issues, the downtown market has two dominant demographic groups that are buying. The first group consists of retiring baby boomers who tend to buy larger and higher priced units with one floor living. This demographic group is still growing. The second group consists of students and young professionals who tend to buy smaller and lower priced units and aren’t as concerned about one floor living and parking. It is this second group that is shrinking as they now have the option of renting brand new luxury apartments with beautiful facilities. With all but one of the active condos providing first floor living, the shrinking of this demographic group will not greatly affect the downtown market.

As we head into 2020, the signs are all positive for a healthy downtown market. With an absorption rate in 2019 of 4 sales per month, there is an 8 month supply of inventory. However, interest rates are still at an all-time low, the local economy is very strong with good paying jobs, and inventory is down 27% from last year.

As the market changes, be sure to get the most current information so you can make the right decisions. There are a lot of changes occurring in the downtown area, and being located downtown, The Bouma Group is very aware of upcoming construction projects and inventory. Should you wish to discuss the market, call our office at 734-761-3060 – it would be our privilege to work with you. Feel free to stop in and visit us anytime – we’re located downtown, at the corner of S. Main and Madison.