Category Archives: Ann Arbor Real Estate Trends

Ann Arbor Real Estate Report – June 2018

Low Inventory Encourages Prices to Climb

Ann Arbor Residential Real Estate Report for June

Although only slightly less, Ann Arbor homes saw a decrease in both listings and sales entered this June compared to the previous. The amount of new listings entered only differed by 1.5%, from 194 homes to 197 homes last June. Listing prices saw an increase of 5.9% though, with the average LP being $449,417 in 2017 and $475,710 currently. Properties sold in June declined by 4.3%, 139 versus 133 sold homes. However, the average sale price rose by 3.4% from $434,142 last June to $449,116 this year. Houses are being sold faster, with the average amount of days on the market being 18; this is great for sellers. So far this year, there is a 3.8% increase in homes listed from 840 in the year prior to 872 now. With the small increase of homes added to the market, prices have done the same, $477,729 versus 488,286; an increase of 2.2%. The amount of properties sold to date has decreased 3.3% from 540 to 522 sold homes. There has been minimal discrepancy between the average sale price so far this year compared to the previous year, $435,573 versus $437,914 currently. Overall, it is a seller’s market for Ann Arbor residential homes; especially for homes priced under $600k. Higher end homes, in the $600k to $1m range, are considered to be a part of a balanced market. As per usual, luxury homes that are over $1m are a buyer’s market. Continue reading

Newport Creek, Ann Arbor Subdivision Report

Newport Creek Real Estate Report – June 2018Newport Creek Subdivision, Ann Arbor MI 48105 Luxury Home

With stately executive homes in a beautiful, mature setting, Newport Creek is one of Ann Arbor’s most desired neighborhoods. There are currently 2 homes listed for sale, and so far this year 0 have sold.

Homes for Sale:

  • $1,025,000.  1715 Newport Creek, Ann Arbor. 4061 sq. ft., +1226 in finished walk-out, 5 bedrooms and 4.1 baths. Listed by The Bouma Group
  • $1,020,000.  1721 Newport Creek, Ann Arbor. 4359 sq. ft., +1098 in finished walk-out, 4 bedrooms and 5 baths. Listed by The Bouma Group

Home Sold in 2017:

  • $935,000.  1542 Newport Creek, Ann Arbor. 4016 sq. ft., +1300 in finished walk-out, 4 bedrooms and 4.1 baths. Listed by The Bouma Group

In 2016 at Newport Creek, 2 homes sold with an average sale price of $1,085,000 and an average price per square foot of $209.00.  In 2017, 1 home sold with a sale price of $935,000, down from the previous year, and price per square foot of $233.00, up 11%. To learn more about home values at this Ann Arbor subdivision, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com.

Ann Arbor Real Estate Report – April 2018

Buyer’s and Seller’s Market Dependent on Price Range

Ann Arbor Real Estate Report May 2018

 

For Ann Arbor homes, listings were slightly down and sales increased in April compared to 2017. New listings decreased a small percentage of 1% in comparison to April last year, 173 versus 175. Although there is minimal decline in the amount of listings, according to the Ann Arbor Area Board of Realtors, the average listing price increased from $478,871 to $510,951. The number of sales rose 35% compared to the previous year, from 75 homes sold to 101; along with it, the average sale price increased by 5%, $414,281 versus $435,787. When looking at the average days on the market, only one day differed from this April compared to last, this year had 1 more day equaling 22 days on average. Looking at the year to date statistics, listings are lower. This year, 454 listings have been entered thus far, versus the 496 listings entered in 2017. But, the homes sold since the beginning of the year have a higher volume compared to last year, with 270 homes sold versus 247 in 2017. Homes sold under $400k are a seller’s market, and becomes stronger as the price range reduces. Mid-range homes are part of a balanced market, creating negotiation between buyers and sellers. Higher end homes, such as those above $800k, are considered to be a buyer’s market, with it being most intense in the 1 million dollar + range.

Looking ahead, it should be a solid year for Ann Arbor residential homes. Whether you are looking to sell or buy, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. And stay tuned for next month’s real estate report for Ann Arbor homes!

Boulder Ridge, Ann Arbor Subdivision Report for 2017

Boulder Ridge Year End Report – 2017Boulder Ridge Subdivision, Ann Arbor MI Homes

2017 was a decent year for Boulder Ridge with 3 houses sold. The amount of sales decreased by 6 houses compared to the previous year.

Sold Homes:

  • $500,000.  8055 Boulder Ridge Ct., Ann Arbor. 3064 sq. ft., +1500 in finished lower level, 4 bedrooms and 3.1 baths.
  • $395,000.  8026 Boulder Ridge Ct., Ann Arbor. 2780 sq. ft., +1000 in finished lower level, 4 bedrooms and 2.1 baths.
  • $347,000. 3001 Green Valley Dr., Ann Arbor. 1775 sq. ft., + 246 in finished lower level, 3 bedrooms and 2.1 baths.

While there were less sales at Boulder Ridge in 2017, the average sales price rose by 22% going from $338,956 in 2016 to $414,000 in 2017. The average price per square did not fare as well and dropped 7%, going from $180.00 in 2016 to $167.00 in 2017. Keep up to date with what is being listed and sold at this Ann Arbor neighborhood by checking the webpage here for updates! For more information, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com.

How to Make a Wants Vs. Needs List for Your Home Search

It’s spring, which means home buying season has officially arrived! If you’re on the hunt for a new home, chances are you’ve already thought about the features you’d like to have.

However, one important part of searching for homes is making a distinction between your needs and your wants. Needs are amenities or features you can’t live without, while wants are things that you’d like to have (but they ultimately wouldn’t affect your home buying decision too much).

Two-story suburban home with a large garage and grey shutters.Ideally, you’ll want to come up with this list of needs (e.g. 3 bedrooms, under $200k, close to schools) and wants (e.g. fiber internet connection, stainless steel appliances, walk-in closets) before you start looking for homes. This will save you time along the way as you browse dozens, maybe hundreds, of homes online or in person.

Here’s a guide for distinguishing between your wants vs. needs:

Your Needs

To begin, come up with a list of priorities. What are some features or amenities that are non-negotiable? Do you need a home with a certain number of bedrooms? Maybe it has to be in a specific location — close to public transit, near a popular attraction, or within a local school district.

Write your priorities down on paper or in a smartphone app to better visualize what you need in a home. Here are some things to consider: Continue reading

Scio Hills, Ann Arbor Subdivision Report

Scio Hills Real Estate Report – March 2018Scio Hills Subdivision, Ann Arbor MI Neighborhood

There is currently 1 home listed for sale at Scio Hills subdivision. So far this year, 1 has sold and in 2017, 2 homes sold.

Home for Sale:

  • $505,000.  2682 Valley Drive, Ann Arbor. 1834 sq. ft., +1834 in finished lower level, 3 bedrooms and 2 baths.

Sold Homes:

  • $543,000.  4082 Ramsgate Court, Ann Arbor. 2548 square feet with 4 bedrooms and 2.1 baths.
  • $540,000.  1459 Coventry Square, Ann Arbor. 2600 sq. ft., +1100 in finished lower level, 4 bedrooms and 2.1 baths.
  • $485,000.  1483 Coventry Square, Ann Arbor. 2256 sq. ft., +600 in finished lower level, 3 bedrooms and 2.1 baths.

In 2016, 3 homes sold with an average sale price of $460,505 and an average price per square foot of $200.00. The 2 homes sold last year had an ASP of $512,500, up 11%, and an A$/SF of $211.00, up 5%. For more information on Scio Hills or to be instantly notified when a new listing comes to the market, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. Check out more Ann Arbor neighborhoods here!

What’s Your Style? 5 Popular Architectural Styles to Consider for Your Dream Home

5 Popular Architectural Styles

Dream homes around the country have one thing in common: amazing architecture. From Greek Revival to Modern, we’re breaking down the most popular architectural styles in America to help you discover your own dream home.

A two-story Greek Revival plantation home with tall columns, wrap-around porches, and a grassy lawn.

1. Greek Revival Homes

Popular during the 1820s, ’30s, and ’40s, Greek Revival takes inspiration from the ornate temples of ancient Greek cities.

In America, you’ll find this architectural style sprinkled in cities throughout the country. Picture the magnificent columns and symmetrical design of historic Southern plantation homes, monuments like the Lincoln Memorial, and the White House itself, and you’re thinking of Greek Revival.

This architectural style exudes elegance and sophistication, which is why Greek Revival is one of the most popular housing styles in the United States. Many Greek Revival homes feature:

  • neutral exterior colors, particularly white
  • gabled roofs with a cornice
  • tall columns, either fluted or smooth

The Painted Ladies in San Francisco, a row of tri-colored Victorian houses with the San Francisco skyline in the background.

2. Victorian Homes

Fans of Full House will instantly recognize these colorful Victorian homes in San Francisco. The Victorian architectural style made its debut in America during the reign of Queen Victoria in the 19th century, popping up in small towns and big cities alike.

Victorian homes are often asymmetrical and ornate, and they typically include some or all of the following features:

  • bright, bold exteriors instead of neutral tones
  • elaborate trim and rooflines
  • towers with pointed roofs
  • bay windows

Two Tudor-style buildings, the one on the left with black timber in a criss-cross pattern and the one on the right with red timber in a criss-cross pattern.

3. Tudor Homes

In the late 19th century and early 20th century, homes started to take on the look of medieval European castles and inns.

The Tudor, or Tudor Revival, style is best recognized by the decorative timbers on the exterior of the house, but homes with this architectural style also feature:

  • steep gabled roofs
  • dormer windows
  • large decorative chimneys

A two-story brick Colonial house with dormer windows on the roof and two brick chimneys flanking both sides of the house.

4. Colonial Revival Homes

Arguably the most popular architectural style in the United States, Colonial Revival first came on the scene between the 1880s and 1950s. Dutch Revival and Georgian Revival are considered subcategories of the Colonial Revival style.

Like Tudor homes, Colonials often feature dormer windows and gabled roofs, but they can also have:

  • simple rectangular windows
  • symmetrical exteriors
  • covered center entrances

Frank Lloyd Wright's Fallingwater House, a Modern three-story home with a stone chimney that is surrounded by trees.

5. Modern Homes

Also known as Mid-Century Modern, this architectural style was popular during the 1930s, ’40s, ’50s, and ’60s and valued simplicity over showy design. Frank Lloyd Wright’s Fallingwater House is a great example of this popular home style.

Since Modern houses were also designed as a way to connect with nature, these properties tend to feature:

  • open floor plans that flow to outdoor spaces
  • large windows and sliding glass doors
  • ranch or split-level layouts

No Matter Your Style, We Can Find Your Dream Home

Have your heart set on a certain architectural style? We’ll help you find (or build!) your dream home with the look and feel you want. Our Ann Arbor Neighborhoods contain all of these popular styles and more. Contact us today at The Bouma Group, Realtors at 734-761-3060 and let’s talk. Get started with your home search here!

Arbor Hills, Ann Arbor Real Estate Report

Arbor Hills Real Estate Report – February 2018Arbor Hills Subdivision, Ann Arbor Real Estate Update

There are currently 0 homes listed for sale at Arbor Hills subdivision and so far this year, 1 has sold. Last year, 8 homes sold.

2018 Sold Home:

  • $368,400.  3381 Cromwell, Ann Arbor. 1530 sq. ft., with 890 in finished lower level, 3 bedrooms and 3 baths.

2017 Sold Homes:

  • $412,000.  3416 Ashburnham, Ann Arbor. 2066 sq. ft. +1200 in finished lower level, 4 bedrooms and 2.1 baths.
  • $395,000.  3428 Ashburnham, Ann Arbor. 1980 sq. ft., +600 in finished lower level, 4 bedrooms and 3.1 baths.
  • $375,000.  3227 Kilburn Park Circle, Ann Arbor. 1530 square feet with 3 bedrooms and 2 baths.
  • $375,000.  3144 Dunwoodie, Ann Arbor. 1980 square feet with 4 bedrooms and 2.1 baths.
  • $365,000.  3149 Kilburn Park Circle, Ann Arbor. 1676 sq. ft., +1000 in finished lower level, 3 bedrooms and 2.1 baths.
  • $350,000.  3361 Cromwell, Ann Arbor. 1938 sq. ft., +500 in finished lower level, 4 bedrooms and 2.1 baths.
  • $330,000.  3370 Cromwell, Ann Arbor. 1530 square feet with 3 bedrooms and 2 baths.
  • $285,000.  3404 Cromwell, Ann Arbor. 1146 sq. ft., +900 in finished lower level, 3 bedrooms and 2.1 baths.

In 2016, 7 homes sold with an average sale price of $335,250 and an average price per square foot of $178.00. The 8 homes sold in 2017 had an ASP of $360,875, up 8%, and an A$SF of $212.00, up 19%. To learn more about the Arbor Hills neighborhood or to be instantly notified on new listings, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com. See more Ann Arbor Subdivisions here!

Ann Arbor Woods Real Estate Market Update

Ann Arbor Woods Market Update – February 2018Ann Arbor Woods, Ann Arbor Subdivision

There are currently 0 homes listed for sale at Ann Arbor Woods subdivision and in 2017, 10 homes sold.

Sold Homes:

  • $418,000.  5 Manchester Ct., Ann Arbor. 2174 sq. ft., +900 in finished lower level, 3 bedrooms and 2.1 baths.
  • $320,000.  2759 Manchester, Ann Arbor. 1920 sq. ft., +200 in finished lower level, 4 bedrooms and 2.1 baths.
  • $310,000.  2510 Essex, Ann Arbor. 1396 sq. ft., +426 in finished lower level, 3 bedrooms and 2.1 baths.
  • $304,000.  2771 Manchester, Ann Arbor. 1821 square feet with 3 bedrooms and 2 baths.

Continue reading

Ann Arbor Condo Market Update – November 2017

Listings Down, Sales Up in November

Ann Arbor Condominium Statistics for November 2017

Ann Arbor Condo inventory continues to shrink, but this didn’t slow sales in November. For the month of November there were only 30 new listings, compared with 42 in November 2016. So far this year, there have been 679 new listings, down 8% compared with 738 this time last year. The number of condo sales rose from 44 to 53 during the month, an increase of 20%. However, year-to-date sales are struggling to match last year with 589 units sold, down 6.5% from 630. Residential home sales also rose during November, making it a busy month for all Ann Arbor real estate.

What does this mean for the future of the Ann Arbor condo market? If listings continue to decline, there will be less and less to choose from for the strong pool of buyers. This will drive the sale prices upward as buyers compete for properties, as we have seen this past year. The average sale price for condos has risen 12%, from $227,217 to $254,502, so if you’ve been thinking of selling your condo, now is a great time. Wondering what it’s worth? Contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com and find out!