How Are Downtown Ann Arbor Condo Values Faring?

Ashley Mews Downtown Ann Arbor CondosDowntown Ann Arbor Condominiums offer a variety of urban living experiences and are a popular choice for many types of buyers. Like most Washtenaw County Real Estate, Downtown Ann Arbor condo values have decreased, but as with Ann Arbor homes, they appear to be on the rise once again. 2009 was a low for the total number of units sold, average sales price, and price per square foot. But, in 2010 we saw an increase of 71% in number of units sold, an increase of 11% in average sales price, and an increase of 5% in average price per square foot. So far in 2011, 15 condos have sold with an average sales price of $294,469 and average price per square foot of $229.35. The highest selling condo price was $540,000, $261.88/square foot, for an Ashley Mews brownstone with 2466 total square feet, 3 bedrooms and 2.1 baths. The lowest priced unit was a studio-style Riverhouse condo that closed for $67,000, $146.29/square foot, and had 458 square feet with 1 full bath.

Downtown Ann Arbor Condominium Price Graph

Rentals have become a popular alternative to selling, as some condo owners are waiting for values to fully recover. As you can see in the graph above, the number of units rented has continued to increase since 2006, as the average rental price has decreased. So far this year, 16 units have rented with an average price of $1563.

Here at The Bouma Group, we offer condo buying, selling and rental services. We will be keeping a close eye on the downtown condo market as it continues to recover. Be sure to subscribe to our blog to receive Ann Arbor real estate information as soon as it’s posted. For instant listing and sold information, visit the Ann Arbor Condo Hotline, the premier source for up-to-date condominium information or contact us today at 734-761-3060 or info@bouma.com.

 

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