Tag Archives: market update

Ann Arbor Real Estate Report – September 2018

Ann Arbor Homes See an Increase in Both Inventory and Listing PricesHome inventory and prices increasing for Ann Arbor Real Estate

There has been growth in inventory for Ann Arbor homes comparative to last year’s statistics. With listing prices rising, sale prices have too; however, sale prices are still below the asking. This September, 137 listings were entered into the multiple listings service, this is an increase of 15.5% compared to the 110 listings entered last September. The average listing price saw a rise of 8.9%, from $488,176 to $530,567 currently. Unfortunately, only 71 homes were sold in September, which is a 22.8% decline in comparison to the 923 homes sold the previous September. Sale prices have seen an increase of 6.9%, $408,967 versus $437,082 this month. Luckily for home buyers, the average days on the market has lowered slightly to 26 days, from 28 days last September. So far this year, more listings have been entered into the multiple listings services compared to this time last year; but there has been a decline in the amount of sold homes. A total of 1286 homes have been listed for sale thus far, which is an increase of 5.7% compared to the 1217 homes sold at this time last year. There has only been a small rise for the average listing price of homes, from $476,195 to $489,791 which is approximately 3%. Like the increase of ALP, average sale prices have experienced the same growth. The ASP is $441,322 thus far, versus $428,494 last year at this time.

For more information about Ann Arbor homes, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Don’t forget to check back here for more about the market!

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

Ann Arbor Condo Report – July 2018

Ann Arbor Condo Prices Surge Compared to Last July

Ann Arbor Condo Report Chart for July

In all aspects, Ann Arbor condos have seen an increase in pricing compared to last year. Comparative to July 2017, the amount of new units listed is increased a staggering 61%, from 59 condos to 95 entered this July. The average listing price has also greatly increased from $278,100 to $415,405 since last July, which is a considerable 49.4%. Despite the dramatic rise in available inventory, the difference in amount of sales has increased only a mere 3% compared to the prior July, 62 sold condos versus 64. Sale prices, however, have managed to ascend from $248,766, on average, to $323,768. The difference in average sale prices for July between this year and last is 30%. On average, condos are on the market for 16 days. Looking at year to date statistics, there has also been a rise in pricing. So far this year, the average listing price is $355,552, and this is a 21.5% increase in comparison to the ALP of $292,734 at this time last year. In Ann Arbor, 503 condos have sold thus far versus 488 in July 2017; this creates an increase of 4.1%. Unfortunately there has been a 21% decline in the amount of sold units thus far in 2018, from 386 sold condos to 305. The average sale price for condos so far this year is $290,733 which is a rise of 16% in comparison to last year’s ASP of $250,719. Overall, it is a seller’s market for Ann Arbor condos, especially for more affordable condos sold under $400k. Condos that are more than $400k are considered to be part of a buyer’s market though.

Ann Arbor condos are very close to being in a balanced market, which would be more favorable for both sellers and buyers. Whether you are looking to buy or sell a condominium, contact the specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. For more updated knowledge on the Ann Arbor market, check back here!

Ann Arbor Real Estate Report – July 2018

Increased Inventory for Ann Arbor Homes

Ann Arbor Residential Real Estate Report for July 2018

Compared to last month and last July, inventory has increased for Ann Arbor homes. As well, average sale prices have also risen for both this month and so far this year. This July, 7% more listings have been entered compared to the prior July, 146 homes versus 136. The average listing price saw a minimal decline compared to last July, from $491,264 to $490,390. Compared to July 2017, there has been a 5.6%  increase in the amount of homes sold this month from 124 units to 131. Although prices usually decrease with more available inventory, prices have actually risen for July. This month  the average sale price is $443,944, which is an increase of 11.6% compared to the ASP of $397,721 in the previous year. Luckily for home sellers, the average days on the market has decreased to 21 days. So far this year, 1018 homes have been entered into the MLS; this is a 4.3% growth compared to the amount of listings entered at this time last year. Unfortunately, only 655 homes have sold this year which is a slight decrease compared to 2017  which had 663 units sold. The average sale price for homes sold thus far in 2018 is $438,859, this is a slight increase in comparison to the ASP of $428,564 last year. It is still a seller’s market for Ann Arbor single family homes, with a month supply of 4.3. Homes priced from $500k to $800k are considered to be a balanced market. Like always, higher end homes, those above $800k, are a part of a buyer’s market. Continue reading

Ann Arbor Condominium Report – June 2018

Ann Arbor Condos See a Decline in Sold Units but Prices Rise
Ann Arbor Condo Report for June

Both listing and selling prices are increasing for Ann Arbor condos. This year, only one more condo was listed in June, 87 units, compared to last year. Prices have seen a significant change of 29.4%, from the average listing price in 2017 being $272,948 to $353,306 currently. Interestingly, there has been a 40.4% decline in the amount of sales compared to last June, 89 to 59 sold condos. Sale prices have risen with the listing prices, $249,734 to $283,620 this June, which is a difference of 13.6%. Unfortunately for sellers, the average days on the market has doubled since the previous June equaling 30 days. There has been a 4.9% decrease in the amount of listings entered so far this year compared to last year, 408 versus 429 condos listed. Listings prices currently average at $342,275 to date, which is 16.1% higher than the year prior at this time when the average LP was $294,715. The average selling price has increased too, but not as much as the LP; from $251,260 in the prior year to $280,807 so far this year, which is an 11.8% raise. There is 25% less inventory being sold year to date, from 323 last year to 242 so far. Overall, it is a seller’s market for Ann Arbor condos; with the same month supply as May. Affordable condos priced under $400k are beginning to slowly move more towards a seller’s market. Whereas condos ranging from $400k to $1m are headed towards a buyer’s market. There is not so much of an extreme buyer’s market for luxury condos over $1m compared to last month.

New inventory isn’t altered much compared to last year. However, there has been a decent decline in the amount of sold condos and prices have seen a considerable increase. Whether you are looking to buy or sell, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Check back here for more updated information on the market in Ann Arbor and surrounding areas!

 

Ann Arbor Real Estate Report – June 2018

Low Inventory Encourages Prices to Climb

Ann Arbor Residential Real Estate Report for June

Although only slightly less, Ann Arbor homes saw a decrease in both listings and sales entered this June compared to the previous. The amount of new listings entered only differed by 1.5%, from 194 homes to 197 homes last June. Listing prices saw an increase of 5.9% though, with the average LP being $449,417 in 2017 and $475,710 currently. Properties sold in June declined by 4.3%, 139 versus 133 sold homes. However, the average sale price rose by 3.4% from $434,142 last June to $449,116 this year. Houses are being sold faster, with the average amount of days on the market being 18; this is great for sellers. So far this year, there is a 3.8% increase in homes listed from 840 in the year prior to 872 now. With the small increase of homes added to the market, prices have done the same, $477,729 versus 488,286; an increase of 2.2%. The amount of properties sold to date has decreased 3.3% from 540 to 522 sold homes. There has been minimal discrepancy between the average sale price so far this year compared to the previous year, $435,573 versus $437,914 currently. Overall, it is a seller’s market for Ann Arbor residential homes; especially for homes priced under $600k. Higher end homes, in the $600k to $1m range, are considered to be a part of a balanced market. As per usual, luxury homes that are over $1m are a buyer’s market. Continue reading

Newport Creek, Ann Arbor Subdivision Report

Newport Creek Real Estate Report – June 2018Newport Creek Subdivision, Ann Arbor MI 48105 Luxury Home

With stately executive homes in a beautiful, mature setting, Newport Creek is one of Ann Arbor’s most desired neighborhoods. There are currently 2 homes listed for sale, and so far this year 0 have sold.

Homes for Sale:

  • $1,025,000.  1715 Newport Creek, Ann Arbor. 4061 sq. ft., +1226 in finished walk-out, 5 bedrooms and 4.1 baths. Listed by The Bouma Group
  • $1,020,000.  1721 Newport Creek, Ann Arbor. 4359 sq. ft., +1098 in finished walk-out, 4 bedrooms and 5 baths. Listed by The Bouma Group

Home Sold in 2017:

  • $935,000.  1542 Newport Creek, Ann Arbor. 4016 sq. ft., +1300 in finished walk-out, 4 bedrooms and 4.1 baths. Listed by The Bouma Group

In 2016 at Newport Creek, 2 homes sold with an average sale price of $1,085,000 and an average price per square foot of $209.00.  In 2017, 1 home sold with a sale price of $935,000, down from the previous year, and price per square foot of $233.00, up 11%. To learn more about home values at this Ann Arbor subdivision, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email info@bouma.com.

Ann Arbor Condo Report – May 2018

Prices Increase for Ann Arbor Condominiums

Ann Arbor Condo Report - MayIn 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 info@bouma.com. Check back here for more information about the Ann Arbor market!

 

Ann Arbor Real Estate Report – May 2018

With a Rise in New Listings, Prices Slowly Begin to Lower for Ann Arbor Homes
Ann Arbor Residential Real Estate Report for May

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