Tag Archives: Condo Market Update

Ann Arbor Condo Market Update – November 2017

Listings Down, Sales Up in November

Ann Arbor Condominium Statistics for November 2017

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 info@bouma.com and find out!

Georgetown Commons, Ann Arbor Condo Market Update

Georgetown Commons Condo Report – July 2017Georgetown Commons, Ann Arbor MI Condo Complex

There are currently 2 units listed for sale at Georgetown Commons and so far this year, 3 have sold.

Condos for Sale:

  • $146,500.  2637 Fenwick Court, Ann Arbor. 987 square feet with 3 bedrooms and 1 bath.
  • $131,800.  2729 Winthrop Court, Ann Arbor. 820 square feet with 2 bedrooms and 1 bath.

Sold Condos:

  • $173,500.  2842 Bombridge Court, Ann Arbor. 820 sq. ft., +400 in finished lower level, 2 bedrooms and 1 bath.
  • $155,000.  2660 Fenwick Court, Ann Arbor. 987 square feet with 3 bedrooms and 1.1 baths.
  • $139,900.  2636 Fenwick Court, Ann Arbor. 882 square feet with 2 bedrooms and 1 bath.

In 2016, 21 units sold with an average sale price of $153,853 and an average price per square foot of $150.00. The 3 units sold this year have an ASP of $156,133, up 2%, and an A$/SF of $176.00, up 17%. The large jump in price per square foot means that smaller units are selling for more money than previously. To keep up-to-date with new listings, sales, and values for Georgetown Commons, or to buy or sell an Ann Arbor Condo, contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com. We’d be happy to talk with you!

Ann Arbor Condo Market Update – February 2017

It’s Time to List Your Ann Arbor Condo!

Ann Arbor Condo Statistics for February 2017

As we are closing in on the Spring condo market, Ann Arbor is in desperate need of listings! At the end of February, there were 143 units for sale, compared with 153 in 2016, and 160 in 2015. Ann Arbor condos are selling faster than ever with the average days on the market dropping from 45 in 2016 to 33 this year. The number of units sold year-to-date has decreased a bit, with 64 condos sold compared with 69 this time last year. This is most likely attributed to less condos available for purchase. We generally see inventory begin to pick up in March and April as the weather warms up. Once you get over the $500,000 price point, inventory is greater. Over $1,00,000, there are 8 condos for sale – 6 of them new construction in downtown Ann Arbor – and only 1 unit is under contract with a buyer.

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Country Village, Ann Arbor Condo Market Report

Country Village Condo Report – February 2017Country Village Condos, Ann Arbor MI 48103

There are currently 0 active listings at Country Village, a small condo complex on the west side of Ann Arbor. Last year, 2 units sold.

Sold Condos:

  • $250,000.  2542 Country Village, Ann Arbor. 1500 square feet with 4 bedrooms and 3 baths. Listed by The Bouma Group
  • $220,000.  2545 Country Village, Ann Arbor. 1560 square feet with 2 bedrooms and 2.1 baths.

In 2015 at Country Village, 0 units sold and in 2014, 2 units sold with an average sale price of $217,000 and average price per square foot of $162.00. The 2 condos sold last year have an ASP of $235,000, up 8% and an A$SF of 154.00, down 5% (but that may be contributed to improper square footage reporting in tri-level units). For more information on condo prices, new listings, and sold units at Country Village, contact us at The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com. View all Ann Arbor Condo complexes here!

Ann Arbor Condo Market Update – December 2016

A Great Year for Ann Arbor Condos!

Ann Arbor Condo Market Statistics for December 2016
Everything is looking UP for Ann Arbor Condos! According to the Ann Arbor Area Board of Realtors, in 2016 the number of new listings that came to the market increased from 720 to 771, up 7%. The number of listings sold for the year also increased by 7%, and the average sale price increased by 10.55%, coming in at $228,524 from $206,702 in 2015. The number of days on the market decreased from 34 days to 29 days. The numbers for just the month of December 2016, when compared with the previous December, are fairly similar with the exception of the number of condos sold, which was down slightly- 32 from 36 in 2015.

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Loft 322 Condos, Downtown Ann Arbor Market Report

Loft 322 Condo Report – December 2015Loft 322 Downtown Ann Arbor Condo Building

Situated right in the middle of downtown, Loft 322 offers chic urban living with the best of Ann Arbor right outside of the doorstep. There are currently 0 units listed for sale, and so far this year 1 unit has sold.

Sold Condo:

  • $468,000.  322 E. Liberty #8, Ann Arbor. 996 square feet with 2 bedrooms and 2 baths.

Last year at Loft 322, 1 condo sold with a sale price of $405,000 and average price per square foot of $418.00. This year’s sale price is up 16% over last year and the A$SF is up 12% from $418 to $470. To learn more about Loft 322 and the history of values there, contact the Ann Arbor condo specialists at The Bouma Group today at 734-761-3060 or email info@bouma.com. See more Downtown Ann Arbor Condo buildings here!

Ann Arbor Condo Market Update – June 2015

Ann Arbor Condo Sales Still Going Strong

Ann Arbor Condo Statistics for June 2015
Ann Arbor Condo sales remain strong as inventory begins to decline. The number of units listed for sale in June decreased by 15% and when compared with June of last year, inventory is down 25%. Condos in Ann Arbor are currently in a seller’s market with a 3.3 month supply of units listed for sale. Inventory typically begins to decline this time of year with May being the highest listing month. The $100k-$200k price range has the highest level of inventory and there are no condos for sale over $1 million.

High buyer demand, combined with low inventory and steady sales, keep values increasing in Ann Arbor making this a terrific time to get your condo listed. Contact the real estate specialists with The Bouma Group today to find out what your condo is worth and what we can do to get it sold quickly! 734-761-3060 or email info@bouma.com. View all condo complexes and market updates here!

 

Ashley Terrace, Downtown Ann Arbor Condo Report

Ashley Terrace Condo Report – September 2014Ashley Mews Condos, Downtown Ann Arbor Highrise Lofts

Located in the heart of downtown Ann Arbor, this chic high-rise condo building is completed and has since seen increased values. There are currently 4 units listed for sale and so far this year, 4 units have sold.

Condos For Sale:

  • $439,000. 111 N. Ashley #702, Ann Arbor. 1259 square feet with 2 bedrooms and 2 baths.
  • $479,000. 111 N. Ashley #809, Ann Arbor. 1078 square feet with 2 bedrooms and 2 baths.
  • $479,900. 111 N. Ashley #512, Ann Arbor. 1343 square feet with 2 bedrooms and 2 baths. Listed by The Bouma Group
  • $499,000. 111 N. Ashley #609, Ann Arbor. 1200 square feet with 2 bedrooms and 2 baths.

Sold Condos:

  • $240,000. 111 N. Ashley #513, Ann Arbor. 658 square feet with 0 bedrooms (efficiency) and 1 bath.
  • $315,000. 111 N. Ashley #604, Ann Arbor. 863 square feet with 1 bedroom and 1 bath.
  • $360,000. 111 N. Ashley #903, Ann Arbor. 1006 square feet with 2 bedrooms and 1.1 bath.
  • $449,900. 111 N. Ashley #801, Ann Arbor. 1067 square feet with 2 bedrooms and 2 baths. Listed by The Bouma Group

Last year at Ashley Terrace, 16 condos sold with an average sale price of $367,688 and average price per square foot of $303.00.  The 4 condos that sold this year have an ASP of $337,500, down 8%, and APSF of $374.00, up 23%. Sale prices took a big dive in 2010 and while not where they were when construction began, they are steadily rising. For more information on condo values at Ashley Terrace or any Ann Arbor Condos, contact us at The Bouma Group today at 734-761-3060 or email info@bouma.com.

Allen Creek, Ann Arbor Condo Market Update

Allen Creek Market Update – October 2013Allen Creek Condos, Ann Arbor

Due to the small size of the Allen Creek condo complex, units rarely become available for sale or rent. There are currently 0 units listed and nothing has sold in the past 2 years. In 2011, 1 unit sold and 1 unit was rented out.

Sold Condo:

  • 1890 W. Liberty, Ann Arbor. $175,000. 1144 sq. ft. with 3 bedrooms and 2.1 baths. Listed by The Bouma Group

Rented Condo:

  • 1860 W. Liberty, Ann Arbor. $1275/month. 1144 sq. ft. with 3 bedrooms and 2.1 baths.

Overall, Ann Arbor Condo sales and prices have continued to climb over the past 2 years as the real estate market improves. To learn more about Allen Creek, or the nearby Ridgewood, Summerfield Glen, or Liberty Pointe, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com.

 

 

Ann Arbor Condo Market Update – January 2013

Ann Arbor Condo Market Virtually Unchanged

Ann Arbor Condo Statistics for January 2013

When compared with last month, the Ann Arbor Condo market is virtually unchanged with a 2.6 month’s supply of units listed for sale, keeping it in a seller’s market. Following the continued trend, listing inventory was down by 2 units and sold condos were up by 2. Once we get over the $400k price point, it becomes a buyer’s market with slower sales and not a lot of inventory.

Thinking of selling your condo? Contact us at The Bouma Group at 734-761-3060 or info@bouma.com to find out what your unit is worth in today’s market. With prices continuing to climb, you may have more equity than you think! Looking for a condo for yourself or an as investment property? Start now and search the Ann Arbor MLS here!