Tag Archives: August 2018

Ann Arbor Condo Report Update – August 2018

Listing Prices are Down for Ann Arbor Condos, but Selling Prices Rise

Ann Arbor Condo Update Chart

For the month of August, Ann Arbor condos have seen surprising statistics compared to August 2017. The average listing price is $310,161, which is 4.5% lower than the previous August where the ALP was $324,753. Perhaps this is because there is an increase in the amount of listings entered, from 62 condos to 74 last month, which means 19.4% more available inventory. This is good news for buyers; but luckily for sellers, condos are selling above the ALP too. On average, condos are selling for $323,219, whereas last year the ASP was $264,117, this is a considerable 22.4% increase. Only one more unit sold this August in comparison to the prior August when 61 condos were sold. Fortunately for sellers, the average days on the market is 23, which is a 25.8% decline compared to last August’s average of 31 days. Looking at the year-to-date statistics, there has been an increase in the amount of listings entered, but a decrease in the amount of sales. Continue reading

Ann Arbor Real Estate Report – August 2018

Prices Increase Overall but Homes Still Sell Below Asking PriceAnn Arbor Residential Report Chart

Both listing and selling prices are increased for Ann Arbor homes compared to last August, as well as compared to the year to date statistics. Luckily for buyers, homes are selling below the listing price. Only 1 more new listing was entered this August compared to the previous, totaling an entry of 134 homes. The average listing price this year was $481,072, which is an increase of 11.3% in comparison to the ALP of last August which was $432,104. For the amount of homes that are put on the market, a good portion of them are selling. Like the amount of listings entered, 1 more home sold compared to the prior August where only 128 homes sold. Another positive is that the average days on the market has decreased by 8%, from 24 days to 22 days now. The average sale price for August is $452,386, this is only a 3.2% increase compared to the ASP in August 2017 which was $438,370. Continue reading