Listings Down, Sales Up in November
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 email@example.com and find out!
It’s Time to List Your Ann Arbor Condo!
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.
A Great Year for Ann Arbor Condos!
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.
Condo Sales Strong as Summer Comes to an End
Ann Arbor condo sales in August increased significantly when compared with August of last year. According to the Ann Arbor Area Board of Realtors, condo sales were up 38% with 125 units closed for the month, compared with only 90 sales the previous August. Inventory remains virtually the same and it continues to be a seller’s market with a 3.1 month supply of condos listed for sale. The average sale price also increased and is at $208,113, up 8%.
It was a very busy summer and we anticipate a steady fall season as well. If you are thinking of selling in the near futures and would like to know what your unit is worth, give us a call at 734-761-3060. Want to know more about the different complexes in the area? View all Ann Arbor Condos here!
Ann Arbor Needs Condo Listings!
Ann Arbor Condo listings are at the lowest they’ve been in January for more than 5 years and sales remain at the highest. New condos coming to the market are selling very quickly leaving inventory lacking. There are currently only 130 condos listed for sale. It remains a strong seller’s market with a 2.2 month supply of units available.
What does this mean for condo buyers? If you are serious about purchasing a condo, you need to be ready to make an offer, and most times over list price. This means having your pre-approval with a mortgage lender ready and your buyer’s agent ready to present your best offer so that you don’t miss out. What does this mean for condo sellers? This is a fantastic time to sell! Buyers are ready to purchase great condos and if yours shows well and is priced accordingly, it will sell immediately. Sellers- get a market analysis of your condo here and let us, the Ann Arbor Condo specialists get it listed now. Buyers- get set up on a condo search so when that perfect unit hits the market, you’ll know about it right away!
Seller’s Market Continues for Ann Arbor Condos
Ann Arbor Condos continue to be in a seller’s market with a 3.4 month supply of units listed for sale. Due to steady sales and lower inventory, it has been a seller’s market for the entire year. We anticipate this type of market will last throughout the rest of the year and into the spring, as new listings are slow.
If you are thinking of listing your unit for sale in the near future, contact us at The Bouma Group at 734-761-3060 or firstname.lastname@example.org for a market analysis so you are ready! We’ve sold more Ann Arbor Condos than any other agent in Washtenaw County for the past 17 years and can get your unit sold for top dollar! See our track record and view our Sold Listing portfolio here!
Ann Arbor Condo Sales Continue to Climb
Ann Arbor Condo sales continue to climb with 673 condos sold in the last 12 months. This is up 16% over last May and up 25% over May 2012. It also remains an overall seller’s market with a 4.5 months supply of condos available. Rising values are allowing most condo owners to be able to sell when they were previously under water in their mortgage. More inventory and buyer confidence is helping to make the condo market come back stronger than ever.
Thinking of selling your Ann Arbor Condo? Here at The Bouma Group, we’ve been the top condo seller for more than 15 years and know the market and each complex better than anyone! Call us today at 734-761-3060 or email email@example.com to find out what your condo is worth and how you can benefit from our knowledge, experience, and top notch marketing.
Ann Arbor Condo Market Report – November 2012
Rosewood Village Condos are located on the south side of Ann Arbor in Pittsfield Township with easy access to area freeways. There are currently 3 units listed for sale and year to date, 13 have sold.
- 3254 Primrose Lane. $110,900. 1492 square feet with 2 bedrooms and 2 baths. Short Sale & Sale Pending
- 3119 Primrose Lane. $118,000. 1492 square feet with 2 bedrooms and 2 baths. Short Sale & Sale Pending
- 3217 Primrose Lane. $144,900. 1608 square feet with 2 bedrooms and 2 baths. Sale Pending
In many markets, condos are harder to sell than single family homes. Sad but true, for those of us who consider condo sales a major part of our business and who love to promote their advantages – and sad for you if you have one in Ann Arbor that isn’t moving as quickly as you’d like.
An interesting article quoting analyst Steve Hovany in a recent issue of the Chicago Tribune offered new hope to those selling homes, particularly condos. He went on to say that the demands of this group could save housing now and for years to come, but that is a story for another day. Generation Y, the 75.8 million people born between 1946 and 1964, have the income and the lifestyle preferences that mesh well with condo ownership. What would-be sellers have to do is make their properties “button-pushers” that move would be buyers to action!
What do 20-something Generation Y buyers seek? In a few words, limited space, with maximum function. At the point in their lives where they are focused on their career, and often single or with a like-minded partner, they don’t want a mansion to clean or an estate to mow. Ownership in a small condo gives them tax advantages with limited responsibility for maintenance. They can travel for work or pleasure without guilt or worry. Condos fit the bill.