Listings Down, Sales Up in November
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 email@example.com and find out!
5 Frightening Home Staging Mistakes
Halloween is just around the corner. For many homeowners, that means carving pumpkins, hanging up Halloween decorations, and stocking up on fun-sized candy. But if you’re a homeowner who is thinking about selling this fall season, you might be preparing your home for buyers instead of trick-or-treaters.
Home staging is a crucial part of home selling preparation. According to the National Association of REALTORS® 2017 Profile of Home Staging, 33% of buyers’ agents and 29% of sellers’ agents believe that a staged home increases the amount buyers are willing to pay up to 5%. On a $200,000 property, that’s $10,000!
But is your home effectively staged to sell? If you are preparing your home yourself, beware of these staging mistakes that scare away home buyers — and potentially thousands of dollars.
1. A Dark and Spooky Entryway
Your front entry is one of the first things buyers notice about your home. Peeling paint, deep shadows, and uninviting colors don’t create the best first impression. Turn your front entryway into a focal point by painting your door a bright color that complements your home.
2. Cobwebs in the Corners
At a showing, buyers are going to inspect virtually everything: light fixtures, closets, ceilings, you name it. Thoroughly clean your home from top to bottom (or hire a professional) to make it look like new. You can always ask a friend or neighbor to take an objective look at your home. Continue reading
Lake Forest Real Estate Update – October 2017
Lake Forest is a beautiful subdivision of executive homes on the south side of Ann Arbor in Pittsfield Township. There are currently 7 homes listed for sale and so far this year, 2 have sold.
Homes for Sale:
- $649,900. 4389 Westpark Ct., Ann Arbor. 3700 square feet with 4 bedrooms and 3.1 baths.
- $620,000. 4193 W. Lake Forest Dr., Ann Arbor. 3469 sq. ft., +1224 in finished lower level, 3 bedrooms and 3.1 baths.
- $589,900. 4475 E. Lake Forest Dr., Ann Arbor. 3636 sq. +1620 in finished lower level, 4 bedrooms and 4.1 baths.
- $550,000. 4375 Lakeside Ct., Ann Arbor. 2158 sq. ft., +1135 in finished lower level, 5 bedrooms and 3 baths. Listed by The Bouma Group, Sale Pending
- $549,900. 4362 Lakeside Ct., Ann Arbor. 2648 sq. ft., +1100 in finished lower level, 4 bedrooms and 3.1 baths. Sale Pending
- $534,900. 4371 Lake Forest Dr., Ann Arbor. 3149 sq. ft., +1250 in finished lower level, 4 bedrooms and 2.1 baths. Sale Pending
- $512,000. 1878 Orchardview, Ann Arbor. 2691 sq. ft., +1600 in finished lower level, 5 bedrooms and 3.1 baths.
Wildwood Park Real Estate Report – October 2017
One of the most sought after downtown Ann Arbor neighborhoods, Wildwood Park offers beautiful retro homes in a mature, treed setting. There are currently 2 homes listed for sale and so far this year, 5 have sold.
Homes for Sale:
- $599,000. 1208 Linwood Ave., Ann Arbor. 1748 square feet with 4 bedrooms and 2 baths. Sale Pending
- $359,900. 406 N. Revena, Ann Arbor. 1616 square feet with 3 bedrooms and 3 baths. Listed by The Bouma Group, Sale Pending
Ann Arbor Hills Real Estate Report – September 2017
There has been a lot of activity at Ann Arbor Hills this year! There are currently 9 homes listed for sale and so far this year, 37 have sold.
Homes for Sale:
- $1,495,000. 1001 Aberdeen Drive, Ann Arbor. 4100 sq. ft., +1000 in finished lower level, 5 bedrooms and 4.1 baths.
- $1,450,000. 2108 Melrose Ave, Ann Arbor. 3881 sq. ft., +768 in finished lower level, 5 bedrooms and 3.2 baths.
- $995,000. 2026 Devonshire, Ann Arbor. 2200 sq. ft., +400 in finished lower level, 4 bedrooms and 3.1 baths. Sale Pending
- $860,000. 1092 Heather Way, Ann Arbor. 3389 sq. ft., +1488 in finished lower level, 4 bedrooms and 4 baths.
- $824,000. 1105 Chestnut St., Ann Arbor. 3181 sq. ft., +1286 in finished lower level, 4 bedrooms and 3.1 baths.
- $739,000. 1424 Arlington Blvd., Ann Arbor. 2884 sq. ft., +1000 in finished lower level, 5 bedrooms and 3.1 baths.
- $698,000. 901 Berkshire, Ann Arbor. 1898 sq. ft., +389 in finished lower level, 3 bedrooms and 2.1 baths.
- $695,000. 2410 Adare, Ann Arbor. 2881 square feet with 4 bedrooms and 3 baths.
- $459,900. 1242 Arlington, Ann Arbor. 1635 square feet with 3 bedrooms and 2.1 baths.
Sale Prices Soar for Ann Arbor Condos
When comparing Ann Arbor condo data year-to-date through August of 2016 to that of 2017, little has changed, except in one very important area. The number of new listings that came to the market was 552 in 2016 and 550 this year, basically the same, as with the number of sales, 455 vs. 447. However, the average sale price of Ann Arbor condos has skyrocketed from $203,743 YTD in 2016 to $252,547 this YTD, an increase of $24%! The low supply is keeping demand high, which is raising the average sale price. This is also apparent in the average days on the market which has decreased from 31 to 27. Once we see inventory begin to rise, prices will level out. Continue reading
Positive Increases for Ann Arbor Real Estate
The Ann Arbor Real Estate market has experienced a lot of positive increases. For the month of August, the average sale price of homes rose 13% to $438,370 from $388,986 last August. Year-to-date, we’ve seen an increase in the number of new listing entered, 1106 vs. 1087 this time last year. The total number of sales dropped to 790 from 846, but the average sale price increased about 9%, going from $396,614 to $430,483. The overall average days on the market decreased from 33 to 29. Ann Arbor remains in a seller’s market with a 3.9 month supply of homes available for sale.
If we start to see an increase in inventory, the market could shift into a more balanced market. Right now, demand is outweighing supply and that is driving the prices upward. Thinking of selling? For a full market analysis of your home, contact the Ann Arbor Realtors at The Bouma Group today at 734-761-3060 or firstname.lastname@example.org. We are continually tracking pricing trends by neighborhood, price range, schools and more and have the marketing expertise to get your home sold quickly!
What Experts are Saying About Future Home Prices
Today, many real estate conversations center on home prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number to better depict the results. Continue reading
Home Inventory Still a Struggle for Buyers
First-time home buyers are flocking to the real estate market by the thousands to find the perfect homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand! According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month. Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.
Ann Arbor Condo Market Update
Ann Arbor Condos remain in a seller’s market with a 3.4 month supply of listings at the end of the second quarter of 2017. In fact, it has been a seller’s market since May of 2013 when it was briefly a balanced market. The trend has been that May has the highest amount of inventory. But even with higher Spring inventory, it still isn’t enough to keep up with buyer demand, which is keeping it a seller’s market. The other side of this is, condo prices are being driven upward as multiple buyers bid the price up. This is great news for seller’s, but buyer’s are having to pay more. Continue reading