Strong Spring Market for Ann Arbor Condos
The spring real estate market has been good for Ann Arbor Condos despite a lull in new listings. This time last year there were 251 condos listed for sale compared with this year’s 213. Sales are up slightly, going from 230 to 238 and the average days on the market is down to 35 from 44 last April. The most notable change is the average sale price, which has risen 10.5%, from $168,950 to $186,750. It continues to be a seller’s market with a 3.2 month supply of condos available.
This significant increase in the average sale price is due to supply and demand. Prices are driven upward when inventory is low and there are multiple buyers making offers on the same property. This is a great time for condo sellers! If you’ve been considering selling your unit, contact us at The Bouma Group at 734-761-3060 or email firstname.lastname@example.org and we can discuss what your condo is worth today. Are you looking to purchase an Ann Arbor condo? Start your search here!