Allmendinger Heights, Ann Arbor MI. There are currently 4 homes listed for sale and since the last Allmendinger Heights market update, 4 homes have sold.

Homes Listed for Sale:

• $189,900. 744 square feet with 2 bedrooms and 1 bath.
• $199,900. 864 sq. ft. +600 in finished lower level, 3 bedrooms and 1 bath.
• $215,000. 1363 square feet with 3 bedrooms and 1 bath. Sale Pending
• $374,000. 1880 square feet with 4 bedrooms and 2 baths.

Homes Sold Since July 2011:

• $167,000. 748 sq. ft. +350 in finished lower level, 2 bedrooms and 1 bath. Listed by The Bouma Group
• $178,000. 741 square feet with 2 bedrooms and 1 bath.
• $225,000. 1248 square feet with 3 bedrooms and 1 bath.
• $248,500. 1748 square feet with 2 bedrooms and 3 baths.

In 2011, 6 homes sold at Allmendinger Heights with an average sale price of $229,583 and average price per square foot of $170.68. For a more in-depth analysis of home prices at Allmendinger Heights, or the nearby Ann Arbor neighborhoods: Vernon Downs, Lansdowne, or Pauline Acres, contact the Ann Arbor real estate experts at The Bouma Group at 734-761-3060 or info@bouma.com. To view real time listings and sold data, floor plans, maps, photos and more for Washtenaw County, be sure to check out our Ann Arbor Subdivision Hotline here!

Inventory

One of the biggest changes has been the significant decrease in inventory. In Ann Arbor we are entering 2012 with only 434 homes for sale, which is a 14% drop in inventory from 2011.  The Ann Arbor condo market has seen a 25% drop in inventory as we head into 2012 with only 203 listings. The decrease in inventory is even more stunning when compared to the peak years. Since 2007 the residential inventory in Ann Arbor has dropped  49.55%  and the condo inventory has dropped 69.8%.

Some of the decreases from 2011–2012 in other schools districts were as follows:

• Saline entered 2012 with 199 listings – a 3.86% drop in inventory
• Dexter  entered 2012 with 150 listings – a 23.8% drop in inventory.
• Lincoln entered 2012 with 164 listings – essentially the same as last year.
• Ypsilanti entered 2012 with 66 listings – essentially the same as last year.   In 2007 there were 289 listings, so this market has changed significantly.

Should inventory remain low,  the hope is that price increases will follow. The main reason for the decreased inventory is the fact that many seller’s are underwater with their mortgage and can’t afford to sell, so they stay put, or they rent their home.

Prices

Prices peaked in 2005-2006 when the average price/square foot in Ann Arbor was  $174/SF for the residential market and $145/SF for the condo market. Several of the sub-markets have seen small increases for 2 years in a row, and with decreased inventory, job growth, and low interest rates, the hope is that this will continue. I don’t see prices increasing too rapidly though. Every time prices increase a little, there will be a surge of sellers who will now have enough equity to sell their home, which will keep a lid on huge price increases.

Building Permits

The drop in building permits has been so massive, that many builders have gone out of business. 2003 saw 1955 building permits pulled. In 2011, only 222 building permits were pulled – an 88% drop.  The good news is that we are seeing a surge in new construction. With the inventory being low and pent up demand for new construction being high,  I believe that 2012 will be a turn around year for builders.  This trend can also be confirmed by the 21% increase in vacant land sales.

Jobs and Unemployment Rate

The job market is looking very promising for the first time in a number of years. After losing 13,429 jobs from 2006–2009, we saw over 4,000 jobs added in 2010.  The prediction is that we will add an additional 8,840 jobs from 2011–2013. This has brought the unemployment rate down to 7.2% in 2011. Since jobs bring buyers, this is a good sign for the Ann Arbor real estate market.

Foreclosures

There is a lot of talk about the “shadow inventory” of bank owned properties that are going to be released by the financial institutions, however, we are not seeing this for Ann Arbor homes.  In 2011 there was a 19% drop in recorded Sheriff Deeds which is the first drop we’ve seen since 2002. There are still certain communities where over 80% of the sales are distressed.  With prices slowly firming up and job growth picking up, this trend will slowly reverse itself.

Rentals

The Ann Arbor rental market has exploded as many sellers can’t afford to sell their homes.  In 2011, 494 properties were rented out. This represents 27% of all the transactions in the Ann Arbor MLS (Multiple Listing Service).  In the last 2 years alone, there have been a total of 1043 rentals in Ann Arbor.  That’s a considerable amount, considering that there were 1063 residential sales and 422 condo sales in 2011. I expect this trend to continue until property values exceed what seller’s owe on their homes. The downside to all this, is that we are developing a very large pool of property owners  that are waiting for prices to increase, who will put their homes on the  market as prices inch upward, which in turn will prevent prices from rising  quickly.

For more in-depth information on what’s selling in your particular Washtenaw County neighborhood, give me a call at 734-761-3060 and find out what your home is worth. With the spring real estate market just around the corner, now is a great time to get your Ann Arbor area home listed for sale. To find out more about what The Bouma Group can do to get your Washtenaw County home sold, read about our seller services here. And be sure to bookmark and check our Ann Arbor Real Estate blog for the latest Ann Arbor and Washtenaw County market updates!

Heatherwood Condos, Ann Arbor is a moderately sized complex with a convenient south side location. The great facilities include an in-ground pool, clubhouse, volleyball, picnic areas and more. There are currently 2 condos for sale, 2 for rent, and since our last update in September, 2 units have sold.

Condos Listed for Sale:

• $79,900. 1252 square feet with 2 bedrooms and 2 baths. Foreclosure & Sale Pending
• $125,000. 1190 square feet with 2 bedrooms and 2 baths. Short Sale

Condos for Rent:

• $1200/month. 1100 square feet with 2 bedrooms and 2 baths.
• $1300/month. 1252 square feet with 2 bedrooms and 2 baths.

Sold Condos:

• $112,000. 1376 square feet with 2 bedrooms and 2 baths. Foreclosure
• $120,000. 1376 square feet with 2 bedrooms and 2 baths.

Due to the large number of foreclosures at Heatherwood condos, 2011 sale prices have declined by 44% when compared to a high in 2006 when the average sale price was $159,718. Prices most likely won’t begin to rise until the foreclosures have cycled out. This is great news for condo buyers looking for a great deal! To learn more about condo prices at Heatherwood, or the nearby Ann Arbor condos at Fox Glen, Meadow Grove, or Heritage Falls contact us today at The Bouma Group, your Ann Arbor real estate specialists at 734-761-3060 or info@bouma.com. Have you visited Ann Arbor’s Condo Hotline yet? View photos, floor plans, recent sold and new listing information!

Optimism has returned to the Ann Arbor real estate market.  While values are still anywhere from 10-65% below the historic highs, they are no longer in a free fall. Ann Arbor homes are an incredible value right now. Low interest rates + the lowest prices in years = opportunity. I don’t believe that this opportunity will last much longer due to a lack of inventory. Most of the leading indicators show a lack of supply and strong demand. Job growth, lack of new construction, and low interest rates have nudged buyers back into the market. Low inventory, decreasing foreclosures, and slowly rising prices are beginning to nudge sellers back into the market. Both of these trends bode well for a healthy real estate market in Ann Arbor.

Here at The Bouma Group, we continue to remain optimistic for 2012. Our powerful Ann Arbor real estate team, in conjunction with our cutting edge marketing and national networks has kept us in the forefront of real estate, both on a national level as well as in Ann Arbor for the 10^th year in a row. We continue to be Washtenaw County and Ann Arbor’s #1 home seller, having helped over 254 families move in 2011. Yes, we sell more real estate than anyone else, but we sell them one by one for sellers just like you. We owe our success to our past clients and friends.   If you are thinking of buying or selling this year, feel free to give me a call at 734-761-3060 or email me at martin@bouma.com.   My industry experience and expertise along with my vast knowledge of the local real estate market allows me to best represent my clients.  I’ll gladly sit down with you and share my market knowledge so you can make the right decision for your family.

As always, we sincerely appreciate your business and referrals.   We want to be your real estate source in Ann Arbor and Washtenaw County.   Don’t forget that our moving truck is always available on a first come service. If you’re ever downtown Ann Arbor, stop in and say hello!

Fox Pointe Condos, Ann Arbor have a great location near shopping, restaurants, area freeways and more, making them a popular choice among Ann Arbor condo buyers. These stacked ranch units feature numerous upgrades and many back to either the pond or wooded areas. There is currently 1 condo listed for rent and in 2011, 3 condos rented and 3 condos sold.

Condo Listed for Rent:

• $1395/month. 1382 square feet with 2 bedrooms and 2 baths.

Rented Condos:

• $1200/month. 1382 square feet with 2 bedrooms and 2 baths.
• $1350/month. 1382 square feet with 2 bedrooms and 2 baths.
• $1350/month. 1382 square feet with 2 bedrooms and 2 baths.

Sold Condos:

• $118,000. 1382 square feet with 2 bedrooms and 2 baths. Listed by The Bouma Group
• $125,000. 1382 square feet with 2 bedrooms and 2 baths. Listed by The Bouma Group
• $125,000. 1382 square feet with 2 bedrooms and 2 baths. Listed by The Bouma Group

Comparing 2011 to 2010, condo prices at Fox Pointe have remained about the same and have risen from the low in 2009. The Bouma Group has listed and sold many Fox Pointe condos and knows this market very well. If you’d like to know more about these Ann Arbor condos, or the nearby Heatherwood, Weatherstone, or Valley Ranch condos, contact us today at 734-761-3060 or info@bouma.com. Check out our Ann Arbor Condo Hotline – a terrific source for listing data, recent sold information, by-laws, floor plans and more for Washtenaw County condominiums!

Nature Cove Condos, Ann Arbor are located on the east side of town, within walking distance of parks and shopping. Situated in a residential neighborhood, Nature Cove offers a quiet setting with pond and wooded views. There are currently 3 condos listed for sale and in 2011, 2 condos sold.

Condos Listed for Sale:

• $169,900. 1458 square feet with 2 bedrooms and 2 baths. Sale Pending
• $187,500. 1656 square feet with 2 bedrooms and 2 baths. Sale Pending
• $219,900. 1656 square feet with 3 bedrooms and 2 baths.

Sold Condos:

• $190,000. 1800 square feet with 2 bedrooms and 2 baths.
• $234,500. 1750 square feet with 2 bedrooms and 2 baths.

The 2 Nature Cove condos that sold in 2011 had an average sale price of $212,250 and average price per square foot of $119.78. Compared with only 1 sale in 2010, the ASP is down 3%, but the A$/SF is up by 11%. The Bouma Group tracks all Ann Arbor Condos and knows the trends, so to find out more about Nature Cove, or the nearby Berkshire Creek, Brentwood Square or Huron Chase condos, contact us, the Ann Arbor real estate specialists, at 734-761-3060 or info@bouma.com. And for instant current listing and sold data, plus photos, floor plans and more – visit Ann Arbor’s Condo Hotline, Washtenaw County’s #1 source for condo information!

Morningside Condos, Ann Arbor are located on the west side of town, off of Maple just north of Scio Church. This small collection of Ann Arbor condos features 20 detached units in a private cul-de-sac setting. There is currently 1 condo listed for sale and in 2011, 0 condos sold.

Condo Listed for Sale:

• $164,900. 1930 square feet with 3 bedrooms and 2.1 baths. Foreclosure

Due to the small size of the Morningside condo complex, units rarely come up for sale. The last unit to sell was in 2009 and sold for $220,000 and $134.72 per square foot. As you can see, the foreclosure unit that is listed right now is priced significantly below that and is a great bargain for an Ann Arbor condo buyer. For more information on Morningside, or the nearby condos at Country Village, Castleridge Commons, or Walden Hills, contact The Bouma Group, Ann Arbor real estate specialists at 734-761-3060 or info@bouma.com. Check out the Ann Arbor Condo Hotline for instant listing and sold information, amenities, floor plans, by-laws and more!

Meadow Grove Condos, Ann Arbor is a moderately sized complex located on the south side of town in Pittsfield Township. Comprised of mainly 2 story units, each condo features a basement and attached garage. There are currently 0 condos listed for sale and in 2011, 7 condos sold and 1 was rented.

Sold Condos:

• $153,000. 1491 square feet with 3 bedrooms and 3.1 baths. Short Sale
• $170,000. 1666 sq. ft. +600 in finished lower level, 3 bedrooms and 3.1 baths.
• $188,000. 1491 sq. ft. +650 in finished lower level, 3 bedrooms and 3.1 baths. Sold by The Bouma Group
• $192,000. 1622 sq. ft. +600 in finished lower level, 3 bedrooms and 3.1 baths.
• $195,000. 1491 sq. ft. +650 in finished lower level, 3 bedrooms and 3.1 baths.
• $199,000. 1759 sq. ft. +600 in finished lower level, 3 bedrooms and 3.1 baths.
• $199,000. 1622 sq. ft. +600 in finished lower level, 3 bedrooms and 3.1 baths.

In 2010 at Meadow Grove, 3 condos sold with an average sale price of $176,500 and average price per square foot of $110.61. Compared with 2011, the ASP rose 5% to $185,142 and the A$/SF rose 5% to $116.59. These are both great indicators that prices at Meadow Grove have stabilized and are even beginning to rise. To learn more about prices at Meadow Grove, or the nearby Ann Arbor condos at Oak Meadows, Heritage Falls, or Weatherstone contact The Bouma Group, Ann Arbor Realtors at 734-761-3060 or info@bouma.com. To view up to the minute listing and sold data for all of Ann Arbor, visit the Condo Hotline – Washtenaw County’s #1 source for condo information!

Waterways Subdivision, Ann Arbor is a luxurious neighborhood of fine homes on larger lots, many with wooded or pond views. Homes have an Ann Arbor mailing address, but children attend Saline Schools, so many refer to it as a Saline Subdivision. There are currently 2 homes listed for sale and in 2011, 2 homes sold.

Homes Listed for Sale:

• $439,900. 3589 sq. ft. +1202 in finished lower level, 4 bedrooms and 4.1 baths. Sale Pending.
• $499,900. 3769 sq. ft. +370 in finished lower level, 5 bedrooms and 3.1 baths. Sale Pending.

Sold Homes:

• $375,000. 2350 sq. ft. +1100 in finished lower level, 4 bedrooms and 3.1 baths.
• $410,000. 2829 sq. ft. +800 in finished lower level, 4 bedrooms and 2.1 baths.

In 2010 at Waterways subdivision, 4 homes sold with an average sale price of $413,225 and average price per square foot of $121.95. The 2 homes sales in 2011 had an A$/SF of $152.25, which is 25% higher than in 2010, and a great indication of prices beginning to rise. To learn more about price trends at The Waterways, or the nearby Lohr Lake Village, Mallard Cove, or Stonebridge Estates, contact the Ann Arbor real estate specialists at The Bouma Group at 734-761-3060 or info@bouma.com. To view real-time listing and sold data, by neighborhood, for Washtenaw County, visit the Ann Arbor Subdivision hotline here!

Lansdowne Subdivision is an established Ann Arbor neighborhood of quality built homes. Located within walking distance of Pioneer high and close to downtown Ann Arbor, this is a popular choice for Ann Arbor home buyers. There are currently 5 homes listed for sale, and in the past 12 months, 8 homes have sold.

Homes Listed for Sale:

• $295,000. 2322 square feet with 4 bedrooms and 2.1 baths. Foreclosure & Pending Sale
• $299,900. 2152 sq. ft. +580 in finished lower level, 5 bedrooms and 2.1 baths. Pending Sale
• $300,000. 2523 square feet with 4 bedrooms and 2.1 baths.
• $300,000. 2300 square feet with 4 bedrooms and 2.1 baths. Pending Sale
• $355,900. 2480 sq. ft. +798 in finished lower level, 4 bedrooms and 3.2 baths.

Sold Homes:

• $252,500. 2019 square feet with 3 bedrooms and 2 baths.
• $315,000. 2065 square feet with 4 bedrooms and 2.1 baths.
• $318,000. 2017 sq. ft. +260 in finished lower level, 4 bedrooms and 2.1 baths. Sold by The Bouma Group
• $332,000. 2052 sq. ft. +618 in finished lower level, 4 bedrooms and 2.1 baths.
• $340,000. 2052 sq. ft. +400 in finished lower level, 4 bedrooms and 2.1 baths.
• $340,000. 2059 sq. ft. +325 in finished lower level, 4 bedrooms and 2.1 baths.
• $368,000. 2805 square feet with 4 bedrooms and 3 baths.
• $383,000. 2498 sq. ft. +520 in finished lower level, 5 bedrooms and 2.1 baths.

In 2010 at Lansdowne subdivision, 10 homes sold with an average sale price of $280,240 and average price per square foot of $133.40. Compared with 2011, the ASP is up 18% at $331,062 and the A$/SF is up 14% at51.55, showing that prices are really rising at Lansdowne. To learn more about home buying or selling opportunities at Lansdowne, or the nearby Vernon Downs, Meadowinds, or Hometown Village of Ann Arbor subdivisions, contact The Bouma Group Realtors at 734-761-3060 or info@bouma.com. Visit our Ann Arbor real estate website where you can search the Ann Arbor MLS, get Short Sale information, or learn more about the home buying process. And for instant listing & sold data, floor plans, by-laws and more, check out the Ann Arbor Subdivision Hotline here!