Are Home Prices Approaching Bubble Territory?

Are Home Prices Approaching Bubble Territory?

Are Home Prices Approaching Bubble Territory? | Simplifying The Market

As home prices continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:

National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”

Though that statement is correct, we must realize that just catching up to prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by the National Association of Realtors (NAR).

Are Home Prices Approaching Bubble Territory? | Simplifying The Market

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1794 Addington Lane, Ann Arbor Condo at Woodside Meadows

1794 Addington Ln,  Ann Arbor, MI1794 Addington Ln Ann Arbor Condo at Woodside Meadows

New Listing!  This second floor condo is flooded with natural light features a spacious open floor plan. This Woodside Meadows unit offers:

  • 1,427 square feet with 2 bedrooms and 2 baths.
  • Nicely landscaped walkway leads to the private entrance.
  • Soaring vaulted ceiling with fan in the living and dining space.
  • Ceiling fans in both bedrooms.
  • More photos & features
  • MLS# 3249678
  • Listed for $194,000

To learn more about or schedule a private showing for 1794 Addington Ln, contact the Ann Arbor Condo specialists with the Bouma Group Realtors at 734-761-3060 or email info@bouma.com. View photos and details for Woodside Meadows here!

Forestbrooke, Ann Arbor Real Estate Update

Forestbrooke Real Estate Update – June 2017Forestbrooke, Ann Arbor MI Neighborhood

There is currently 1 home listed for sale in Forestbrooke subdivision and so far this year, 3 have sold.

Home for Sale:

  • $275,000.  2806 Lillian, Ann Arbor. 1426 sq. ft., +672 in finished lower level, 3 bedrooms and 1.1 baths.

Sold Homes:

  • $247,000.  2906 Brandywine, Ann Arbor. 1411 sq. ft., +450 in finished lower level, 4 bedrooms and 2.1 baths.
  • $218,000.  2920 Brandywine, Ann Arbor. 1676 square feet with 3 bedrooms and 2 baths.
  • $185,000.  2840 Lillian, Ann Arbor. 2038 square feet with 4 bedrooms and 2.1 baths.

Last year at Forestbrooke, 10 homes sold with an average sale price of $246,950 and an average price per square foot of $151.00. The 3 sold this year have an ASP of $216,667 and an A$/SF of $132.00. The decrease in the ASP and A$/SF can be attributed to the sale of 2840 Lillian, which sold for such a low price due to needing a complete remodel. Keep up-to-date with new listings and sales for this neighborhood on it’s website here. And for information on any Ann Arbor subdivision, contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com.

Gallery Park, Ann Arbor Condo Market Update

Gallery Park Condo Market Update – June 2017Gallery Park Condos, Ann Arbor MI 48103

There is currently 1 condo listed for sale at Gallery Park and so far this year, 4 have sold.

Condo for Sale:

  • $385,000.  5538 Gallery Park, Ann Arbor. 2335 square feet with 3 bedrooms and 2.1 baths.

Sold Condos:

  • $365,000.  5615 Gallery Park, Ann Arbor. 1559 sq. ft., +1000 in finished lower level, 3 bedrooms and 3 baths.
  • $317,000.  5535 Gallery Park, Ann Arbor. 1651 sq. ft., +771 in finished lower level, 4 bedrooms and 3.1 baths.
  • $315,000.  5552 Gallery Park, Ann Arbor. 1651 square feet with 3 bedrooms and 2.1 baths.
  • $277,000.  5614 Gallery Park, Ann Arbor. 1652 square feet with 3 bedrooms and 2.1 baths.

Last year, 9 condos sold with an average sale price of $322,154 and an average price per square foot of $183.00. The 4 sold this year have an ASP of $318,500 and an A$/SF of $196.00. To learn more about values at Gallery Park or any Ann Arbor Condo complex, contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com.

Liberty Glen, Ann Arbor Real Estate Report

Liberty Glen Real Estate Report – June 2017Liberty Glen Subdivision, Ann Arbor MI Real Estate

There is currently 1 home listed for sale at Liberty Glen subdivision, located on the west side of Ann Arbor, and so far this year 3 have sold.

Home for Sale:

  • $399,500.  360 Burr Oak, Ann Arbor. 2266 sq. ft., +821 in finished lower level, 3 bedrooms and 3.1 baths.

Sold Homes:

  • $385,000.  648 Burr Oak, Ann Arbor. 1991 sq. ft., +500 in finished lower level, 3 bedrooms and 2.1 baths.
  • $350,000.  682 Trego Circle, Ann Arbor. 1802 sq. ft., +600 in finished lower level, 3 bedrooms and 2 baths.
  • $300,000.  2986 Atterberry, Ann Arbor. 1942 square feet with 3 bedrooms and 2.1 baths.

Last year at Liberty Glen, 3 homes sold with an average sale price of $345,833 and an average price per square foot of $177.00. The 3 homes sold this year have an ASP of $345,000 and A$/SF of $181.00, both almost the same as last year. Home values continue to rise at Liberty Glen since the low in 2008 when the ASP was $249,250 and the A$/SF was 123.96. Keep up with trends at this Ann Arbor neighborhood, contact us today at 734-761-3060 or email info@bouma.com and we can talk about your home’s value and buying and selling needs!

Creekwood, Ann Arbor Condo Market Report

Creekwood, Ann Arbor Condo Report – June 2017Creekwood Condos, Ann Arbor MI Ranch Style Units

Creekwood, a small collection of condos on the east side of Ann Arbor, currently has 1 unit listed for sale. There have been 0 sales this year, in fact, the last sales were in 2012 when 2 units sold.

Condo for Sale:

  • $155,000.  3001 Fernwood #101, Ann Arbor. 970 square feet with 2 bedrooms and 2 baths.

Sold Condos 2014:

  • $110,000  3005 Fernwood #204, Ann Arbor. 957 square feet with 2 bedrooms and 2 baths.
  • $105,000.  3005 Fernwood #101, Ann Arbor. 930 square feet with 2 bedrooms and 2 baths. Sold by The Bouma Group

Condo values continue to rise at Creekwood– see the year-by-year statistics here. For more information or to be notified when a new listing comes to the market, contact the specialists with The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com. View more Ann Arbor Condo complexes here.

Georgetown Condos, Ann Arbor Market Report

Georgetown Condos Real Estate Report – June 2017Georgetown Condos, Ann Arbor MI 48104

Located in central Ann Arbor, close to shopping, services, and downtown, Georgetown Condos currently has 1 unit listed for sale. So far this year, 1 has sold and in 2016, 9 sold.

Condo for Sale:

  • $189,900.  2802 Page Ave., Ann Arbor. 1264 square feet with 2 bedrooms and 1.1 baths.

Condo Sold 2017:

  • $188,000.  2814 Page Ave., Ann Arbor. 1248 square feet with 2 bedrooms and 1.1 baths.

Condos Sold 2016:

  • $181,000.  2828 Page Ave., Ann Arbor. 1264 square feet with 2 bedrooms and 1.1 baths.
  • $177,000.  2846 Page Ave., Ann Arbor. 1318 square feet with 3 bedrooms and 2.1 baths.
  • $173,000.  2758 Page Ave., Ann Arbor. 1201 square feet with 2 bedrooms and 1.1 baths.
  • $169,000.  2850 Page Ave., Ann Arbor. 1201 sq. ft., +400 in finished lower level, 2 bedrooms and 1.1 baths.
  • $164,485.  2858 Page Ave., Ann Arbor. 1318 square feet with 3 bedrooms and 2.1 baths.
  • $163,000.  2790 Page Ave., Ann Arbor. 1262 sq. ft., +304 in finished lower level, 2 bedrooms and 1.1 baths.
  • $152,000.  2781 Page Ave., Ann Arbor. 1264 square feet with 2 bedrooms and 1.1 baths.
  • $150,000.  2771 Page Ave., Ann Arbor. 1248 square feet with 2 bedrooms and 1.1 baths.

The 9 condos sold in 2016 have an average sale price of $166,231 and an average price per square foot of $132.00. The unit sold this year has an ASP of $188,000, up 13%, and an A$SF of $151.00, up 14%. Interested in learning more about Georgetown Condos or receive instant notification of new listings? Contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com. View Ann Arbor Condo complexes here!

 

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What’s Hot in Home Design This Summer

Hot Summer Home Design Tips!

Bright sunshine, warmer days, and a ton of new trends come with the change in season, and this summer certainly won’t disappoint. In the real estate world, these new trends revolve around the latest and greatest in wall colors and decorations, space savers, and creative living arrangements. We have our eye on a few interesting home design ideas and hot home features that we think you’re going to love!

laptop sitting on marble countertop

Marble: A Sophisticated Look for Summer

Whether natural or imitation, marble is one of the top home décor trends for summer 2017. Designers are incorporating this luxe look into bathrooms and kitchens as expected, but they’re also taking it to everything from flower vases to side tables. Continue reading →

Kelli Meadows, Saline Real Estate Report

Kelli Meadows Real Estate Report – June 2017Kelli Meadows, Saline MI Subdivision of Custom Homes

Located in a beautiful Saline area, Kelli Meadows is a small collection of luxurious custom homes. There are currently 0 real estate listings and in the past 2 years, 3 homes have sold.

Sold Homes:

  • $733,500.  9166 Baron Court, Saline. 5278 sq. ft., +2212 in finished lower level, 5 bedrooms and 5.1 baths. Sold in 2015
  • $477,000.  9188 Avedon Lane, Saline. 2642 sq. ft., +1500 in finished lower level, 4 bedrooms and 2.1 baths. Sold in 2015
  • $425,000.  9174 Baron Court, Saline. 2793 sq. ft., +1000 in finished lower level, 4 bedrooms and 2.1 baths. Sold in 2016

The 3 most recently sold homes have an average sale price of $545,167 and an average price per square foot of $157.00. Since this is a small neighborhood, there are few sales, see more statistics here. To learn more about this upscale Saline neighborhood, find out about new listings, or new sales, contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com. See more Washtenaw County subdivisions here!

 

Hollywood Park, Ann Arbor Subdivision Report

Hollywood Park Real Estate Report – June 2017Hollywood Park Subdivision, Ann Arbor Neighborhood Real Estate Report

There is currently 1 home listed for sale in the Hollywood Park neighborhood on the west side of Ann Arbor and so far this year, 6 have sold.

Home for Sale:

  • $289,000.  1146 Ravenswood, Ann Arbor. 1876 sq. ft., +286 in finished lower level, 4 bedrooms and 1.1 baths.

Sold Homes:

  • $295,205.  3012 Sequoia Pkwy, Ann Arbor. 1449 sq. ft., +1000 in finished lower level, 2 bedrooms and 3 baths.
  • $295,000.  1365 Kuehnle St., Ann Arbor. 1428 sq. ft., +300 in finished lower level, 3 bedrooms and 1.1 baths. Sold by The Bouma Group
  • $285,000.  618 Duane, Ann Arbor. 1050 sq. ft., +800 in finished lower level, 4 bedrooms and 2 baths. Sold by The Bouma Group
  • $280,000.  2631 Bernice, Ann Arbor. 1414 sq. ft., +700 in finished lower level, 3 bedrooms and 1.1 baths.
  • $269,900.  1225 Ravenwood, Ann Arbor. 1428 sq. ft., +650 in finished lower level, 4 bedrooms and 1.1 baths.
  • $267,000.  2643 Bernice, Ann Arbor. 1074 square feet with 3 bedrooms and 1.1 baths.

Last year at Hollywood Park, 11 homes sold with an average sale price of $272,691 and an average price per square foot of $174.00. The 6 sold this year have an ASP of $277,975, up 2% and an A$SF of $211.00, up 21%. Home values have continued to climb since the low in 2011, see the statistics here. To learn more about home values, new listings, and more for Hollywood Park, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. View more Ann Arbor Subdivisions here!