Prices Increase for Ann Arbor Condominiums
In all aspects, prices have increased for Ann Arbor condos in May; this is most likely because inventory has declined. This May, 87 new listings were entered which is 2.2% decrease compared to the 89 units last May. The average listing price rose a sizable 22.6%, from $265,209 to $325,026. With less condos listed, units are generally on the market for 20 days; which is 10 days less compared to May 2017. There is a decline of 16.5% less condos sold this May compared to the previous, 66 sold condos versus 79. The average selling price for Ann Arbor condos is $261,307, which is a decent increase of 11% from $235,619. So far this year, there has been 21 less listings entered in comparison to the previous year when 343 listings were entered. Average listing prices thus far have increased 13% though, from $300,708 to $340,005. Similarly, selling prices have also rose from $251,891 to $280,017, which is a difference of 11.2%. There was a 18.9% decline in the amount of sales so far this year compared to last, 189 sold condos versus 233. In general, it is a seller’s market for Ann Arbor condos, especially for inexpensive units that are below $300k. Condos that are sold above $400k are considered a buyer’s market though.
With less inventory, sales are rising and because of this Ann Arbor condos are moving towards a more balanced market. Whether you are looking to buy or to sell your condo, contact the condo experts with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. Check back here for more information about the Ann Arbor market!
With a Rise in New Listings, Prices Slowly Begin to Lower for Ann Arbor Homes
Ann Arbor homes have seen an increase in the amount of listings this May, compared to last; and with the additional inventory prices are beginning to slowly reduce. An impressive increase of 53.4% more listings were entered this May compared to last May, 224 homes listed versus 146. And although listing prices are lower, it is only a decline of less than 0.5%, from $496,037 to $494,320. Continue reading
Both Condo Listings and Sales Down in April
Ann Arbor condos have seen an all around decrease compared to 2017, in listings and sales, both monthly and year-to-date. A decent total of 90 listings were entered in April, which is down 7% in comparison to the 97 condos sold in the previous year. As well, the listing prices also saw the same 7% decline since last year, $310,026 from $334,608. The number of sales lowered by 14.6% this April when compared to 2017, 41 condos sold versus 48 condos sold. However it is not all declines, selling prices did rise from $251,735 to $275,124, which is a is a respectable increase of 9%. For both year-to-date listings and sales, there was a drop in inventory but an increase in prices. There was a 7% decline in the amount of new listings entered thus far; but a 10% increase in the average listing price, $313,866 to $345,998. The 122 condos sold this year are 21% below the amount sold in 2017 year-to-date; although, the selling price increased 9.7% from $260,239 to $285,709 this year. On average, it is a seller’s market for Ann Arbor condos this April, especially for more affordable units. However, luxury condos are considered a buyer’s market; with the outlier of condos that are priced over 1 million dollars.
Although there has been an overall decrease this year for Ann Arbor condos, prices are slowly increasing and the market is doing okay. Whether you are looking to buy or sell a condo, contact the experts with The Bouma Group at (734)761-3060 or email email@example.com. To stay updated on the market statistics, check back here!
Buyer’s and Seller’s Market Dependent on Price Range
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 firstname.lastname@example.org. And stay tuned for next month’s real estate report for Ann Arbor homes!
More New Listings and Sales in November
Market Update for November 2017
Both new listings and sales for Ann Arbor homes were up for the month of November. New listings entered were up 30% compared with last November, 73 vs. 56, with the average list price coming in at $500,023 vs. $443,054. The number of sales was up 12.5%, 90 vs. 80, with the average days on the market at 38, down from 48. The average sale price was $405,669 compared with $409,972 this time last year. However, when looking at the year-to-date statistics, both listings and sales are down. There were 1383 new listings entered so far this year, compared with 1473 last year, and 1057 sales compared with 1116 last year. It is a very strong seller’s market with a 2.7 month supply of homes for sale overall. The $600k – $700k and $800k – $1 million price points are balanced with only the over $1 million in a buyer’s market with a large inventory.
If the Ann Arbor real estate market stays as busy in December, we may see the gaps narrow, but the year will most likely end with less sales and listings than in 2016. Be sure to check back for the December market update after the new year. Here at The Bouma Group, Realtors we already have a lot of great listings ready to hit the market in late winter and early spring. Be the first to know, contact us today for a sneak preview to see if any are the right match for you! 734-761-3060 or email@example.com