Ann Arbor Condo Real Estate Update – May 2011

Ann Arbor Condo Inventory & Sales Shrink

Inventory for the overall Ann Arbor Condo market continues to decline, and is down 3% when compared to last month. It is still in a buyer’s market with an 8 months supply of condos. 33% of units listed for sale are under contract with a buyer, which is down from 39% at the end of April. Sales for the past 12 months have also slightly decreased. The under $100k market has slipped into a buyer’s market for the first time in 2011, while the $100-200k entered a balanced market with a 6.8 months supply and is highly active with the number of condos under contract at 41%. The $300-400k and $400-500k market have remained basically unchanged over the last month. Once you get into the over $500k market, it is a complete buyer’s market with only 4 units selling in the last year and 0 over the $1M mark. The Ann Arbor rental market is very strong, as sellers are choosing to rent their units and are very successful with this. The month’s supply is at a very low 2.6.

Ann Arbor Condo Statistics for May 2011

In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market.

Spring is here, inventory is still relatively low, and interest rates are still at historic levels – now is the perfect time to get your condo listed for sale or make that condo purchase! To find out more about values at Weatherstone Condos, Allen Creek Condos or a downtown Ann Arbor Condo, contact us today at 734-761-3060 or info@bouma.com. We’d love to talk with you about your Ann Arbor condominium! And for instant active and sold condo data, visit the Ann Arbor Condo Hotline – Washtenaw County’s premier source!

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