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 Condo Spring 2024 Market Update

Ann Arbor Condo Spring 2024

The Ann Arbor condo market is buzzing with activity as we advance into the Spring of 2024. The city, always evolving and dynamic, showcases its versatility in the real estate market. With a diverse range of available properties, from the most accessible to the pinnacle of luxury, there is movement across all segments.

Active listings sit at a substantial 80 condos. The market’s temperature can be further inferred from the 52 of these condos are already under contract, hinting at the high demand for living spaces in this vibrant city.

For those on the lookout for affordable options, Ann Arbor extends an inviting hand. Of the 25 condos listed under the $300,000 mark, a striking 80% are under contract—a clear message about the competitive nature of this price segment. The fact that the lowest-priced condo at $178,000 is also under contract is a testament to the allure of more reasonably priced homes, encouraging quick action from buyers.

The luxury market stands strong at the opposite end of the spectrum. A condo boasts the highest price tag at a whopping $1,950,000, setting a benchmark for the opulence available within Ann Arbor’s condo offerings.

New Construction Condos

New construction continues to play a significant role in Ann Arbor’s real estate narrative with 44 condos listed for sale. This marks an encouraging sign of growth, ensuring the market remains vibrant and caters to modern tastes and standards. Most remarkably, an overwhelming majority of these new properties—27 out of 44—are already under contract, a nod to their desirability and the city’s relentless appeal.

Sold Condos

So far this year, 111 condos have already sailed past the sold status. These units ranged from a more affordable $130,000 to a grand $1,400,000, indicative of the diverse buyers in the Ann Arbor market. For those eyeing the statistics, the average sale price sits at $411,611, with the average price per square foot rounding out at $301. These numbers aren’t just digits; they’re a benchmark of the value that Ann Arbor condos hold and a metric for prospective investors or homeowners to consider.

In summary, the Spring 2024 Ann Arbor condo market is lively and diverse. With a strong start to 2024, and the trend showing a weighted distribution towards seller advantage, now might be the perfect time to consider stepping into or moving up within this dynamic market. Whether you’re searching for affordability or opulence, Ann Arbor’s condos are opening their doors to meet you halfway. Contact us today for a curated list of units as soon as they hit the market at 734-761-3060 or info@condohotline.com.

Ann Arbor Condo Report – August 2021

Approximately 20% Increase in Average Sales Price

Both monthly and year-to-date statistics saw a decent increase in the average sale price. In the month of August, Ann Arbor condos had an ASP of $312,212, which was a 24.9% increase from the ASP of $250,020 last August. As well, closed sales rose 10.1% from 69 to 76 condos now. Sellers will also be happy to know that the average days on the market decreased to 29 days, a 35.6% decrease. The amount of listings declined by 5% from 101 to 96 units.

So far in 2021, 788 condos have been listed for sale which is a 10.1% increase compared to the 716 last year. A total of 590 units have been sold since the start of the year versus the 452 previously, a 30.5% rise. The average sale price has increased by 20.3% from $270,011 to $324,765 currently.

For more information about Ann Arbor condos, contact the experts with The Bouma Group at 734-761-3060 or email info@condohotline.com. Check out more Ann Arbor listings here!

Ann Arbor Condo Report – April 2021

Indicators of a Seller’s Market

All of the market statistics for Ann Arbor condos increased this April, therefore displaying favor towards sellers. Firstly, there was a significant 94.1% increase in added inventory from 51 condos to 99 this past month. The average days on the market rose only by 1 day, coming to 27 days before a sale. A total of 86 homes were sold, which is a decent 83% increase from the 47 before. Along with the rise in sales, there was a rise in the average sale price from $247,018 to $304,762 – a 23.4% increase.

Since the start of the year, there has also been a steady rise in numbers. 357 condos have been listed for sale, which is a 21.8% increase from the 293 at this time in 2020. There was an even larger increase of 47.1% for sold units, from 172 to 253 now. The cumulative sale price was $300,606 versus $277,360 previously – an 8.4% rise.

Do you have more questions about the Ann Arbor condo market? The Bouma Group is only a phone call away at 734-761-3060, or you can email us at info@condohotline.com. Browse more Ann Arbor condos here!

Ann Arbor Condo Report – January 2021

A Seller’s Market? Less New Inventory & More Sold Inventory for Ann Arbor Condos

It seems as though the new year was in favor of buyers for Ann Arbor condos. A total of 53 units were listed for sale, a considerable 34.6% decline from the 81 last January. The average listing price increased by 5% from $378,064 to $397,148 now. There were 46 sold condos versus the 42 previously, a 9.5% increase. And their average selling price was $344,631, which was an 8.3% rise from the ASP of $318,148 the year before. Even better news for buyers, the average days on the market decreased a significant 45.8% (27 days) to 32 days. The first month of the year means that the numbers account for both monthly and yearly comparisons.

To learn more about the condo market at Ann Arbor, contact the specialists with The Bouma Group at 734-761-3060 or email info@bouma.com. View more Ann Arbor condos here!

Ann Arbor Condo Report – November 2020

Market Statistics are Seemingly Stable for Ann Arbor Condos

Overall, Ann Arbor condos have not see a considerable change in inventory or prices in November 2020. 56 condos were listed for sale, a 6.6% decrease from the 60 last year. As for the average listing price of these units, it was down similarly by 6.7% from $346,889 to $325,097. Sellers would be happy to know that there was an increase in the amount of sold inventory, 36 versus 47 last month, a 30.6%. The average sale price for these condos was $309,602, a 3.4% decline from the $320,480 prior. Unfortunately, the average days on the market increased substantially by 62.9% to 57 days.

As for the numbers cumulatively this year, the amount of condos entered into the multiple listings service was identical compared to 2019 at this time – 895 units. The ALP only declined slightly from $334,014 to $326,761. A total of 615 condos have been sold so far in 2020, a minimal decrease from before. As well, the ALP was also only slightly lower at $286,027 compared to the $290,487 previously.

If you are curious about Ann Arbor condos, don’t hesitate to speak with the experts at The Bouma Group at 734-761-3060 or you can contact them via email info@bouma.com.

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!

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.