Ann Arbor Condominium Report – June 2018

Ann Arbor Condos See a Decline in Sold Units but Prices Rise
Ann Arbor Condo Report for June

Both listing and selling prices are increasing for Ann Arbor condos. This year, only one more condo was listed in June, 87 units, compared to last year. Prices have seen a significant change of 29.4%, from the average listing price in 2017 being $272,948 to $353,306 currently. Interestingly, there has been a 40.4% decline in the amount of sales compared to last June, 89 to 59 sold condos. Sale prices have risen with the listing prices, $249,734 to $283,620 this June, which is a difference of 13.6%. Unfortunately for sellers, the average days on the market has doubled since the previous June equaling 30 days. There has been a 4.9% decrease in the amount of listings entered so far this year compared to last year, 408 versus 429 condos listed. Listings prices currently average at $342,275 to date, which is 16.1% higher than the year prior at this time when the average LP was $294,715. The average selling price has increased too, but not as much as the LP; from $251,260 in the prior year to $280,807 so far this year, which is an 11.8% raise. There is 25% less inventory being sold year to date, from 323 last year to 242 so far. Overall, it is a seller’s market for Ann Arbor condos; with the same month supply as May. Affordable condos priced under $400k are beginning to slowly move more towards a seller’s market. Whereas condos ranging from $400k to $1m are headed towards a buyer’s market. There is not so much of an extreme buyer’s market for luxury condos over $1m compared to last month.

New inventory isn’t altered much compared to last year. However, there has been a decent decline in the amount of sold condos and prices have seen a considerable increase. Whether you are looking to buy or sell, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Check back here for more updated information on the market in Ann Arbor and surrounding areas!

 

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