Where Have All The Ann Arbor Condos Gone?
Ann Arbor Condo sales have dipped to the lowest number since February 2012 and will most likely continue to do so until the first few months of the new year. Inventory has taken and huge drop with the number of condos listed for sale now down 26% from last month and a whopping 41% from the high in April 2012. Where did they all go? A minor part of the discrepancy may be that the Ann Arbor MLS has changed over to a new system and we are suspicious that not all of the data has transferred properly…but the main reasons are:
- Condo sales are hot! With the lower interest rates and still not recovered prices, units do not remain on the market long and are snatched up quickly, especially if they are in pristine condition.
- Some sellers take their listings off of the market during the holidays. With such a busy time of year, they take a break and re-list after the new year.
- A lot of condo owners are still upside down in their mortgages and can’t afford to sell just yet. Condo prices are rising, but still aren’t where they were at the peak of the market.
To find out more about Ann Arbor Condo values, contact the real estate experts with The Bouma Group today at 734-761-3060 or email firstname.lastname@example.org. There are many options available and we would love to help you with your next condo purchase!