Tag Archives: Real Estate Market Update

The Ravines, Ann Arbor Real Estate Report

The Ravines Real Estate Report – March 2017The Ravines Subdivision, Ann Arbor Neighborhood in Scio Township

There are currently 0 homes listed for sale at The Ravines subdivision and in 2016, 3 homes sold.

Sold Homes:

  • $364,000.  1562 Abigail Way, Ann Arbor. 2256 sq. ft., +850 in finished lower level, 4 bedrooms and 3.1 baths.
  • $351,750.  1633 Abigail Way, Ann Arbor. 2204 sq. ft., +846 in finished lower level, 4 bedrooms and 3.1 baths.
  • $330,100.  1538 Scio Ridge, Ann Arbor. 2198 sq. ft., +1120 in finished lower level, 4 bedrooms and 2.1 baths.

Home values have steadily risen at The Ravines since the low in 2008 when the average sale price was $234,966 and the average price per square foot was $115.00. The 3 homes sold last year have an ASP of $348,617, up 48%, and an A$SF of $157.00, up 37%. To learn more about this Scio Township neighborhood, contact The Bouma Group, Realtors today at 734-761-3060 or email info@bouma.com, we’ve sold many homes in this community. View more statistics for The Ravines neighborhood here!

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Kirkway of Scio, Ann Arbor Subdivision Report

Kirkway of Scio Subdivision Report – March 2017Kirkway of Scio, Ann Arbor Subdivision and Neighborhood Market Report

There are currently 2 homes listed for sale at Kirkway of Scio and in 2016, 2 homes sold.

Homes for Sale:

  • $399,000.  336 Sedgewood Ln, Ann Arbor. 2577 square feet with 4 bedrooms and 2.1 baths
  • $349,900.  380 Sedgewood Ln, Ann Arbor. 1628 square feet with 3 bedrooms and 2 baths.

Sold Homes:

  • $338,000.  376 Sedgewood Ln, Ann Arbor. 2003 square feet with 3 bedrooms and 2.1 baths. Listed by The Bouma Group
  • $334,000.  6505 Wisteria Trace, Ann Arbor. 2357 square feet with 4 bedrooms and 2.1 baths. Listed by The Bouma Group

In 2015, 2 homes sold with an average sale price of $323,000 and an average price per square foot of $146.  The 2 homes sold last year have an ASP of $336,000, up 4%, and an A$SF of $155, up 6%. The Bouma Group has sold many homes in Kirkway of Scio and know this Ann Arbor neighborhood very well. If you would like to learn more about real estate values, what your home may be worth, or the home buying process, give us a call at 734-761-3060 or email info@bouma.com today!

 

Ashford Place Condos, Ann Arbor Market Report

Ashford Place Condo Report – March 2017 Ashford Place Condos, Ann Arbor MI 48105

There is currently 1 condo listed for sale at Ashford Place. So far this year 0 units have sold and in 2016, 5 sold.

Condo for Sale:

  • $355,000.  2753 Maitland, Ann Arbor. 2155 sq. ft., +1000 in finished lower level, 2 bedrooms and 3.1 baths.

Sold Condos in 2016:

  • $377,000.  2716 Winter Garden Ct., Ann Arbor. 1961 square feet with 3 bedrooms and 2.1 baths.
  • $350,000.  2781 Maitland, Ann Arbor. 1961 square feet with 3 bedrooms and 2.1 baths.
  • $335,000.  2723 Winter Garden Ct., Ann Arbor. 2253 square feet with 2 bedrooms and 2.1 baths.
  • $325,000.  2726 Maitland, Ann Arbor. 2416 sq. ft., +1264 in finished lower level, 3 bedrooms and 2.1 baths.
  • $300,000.  2785 Maitland, Ann Arbor. 2235 sq. ft., 460 in finished lower level, 3 bedrooms and 2.1 baths.

In 2015, 3 condos sold with an average sale price of $351,667 and an average price per square foot of $167.00.  The 5 sold last year have an ASP of $337,400, down 4%, and an A$SF of $158.00, down 5%. The slight decline in values only occurred after a fairly steady rise since the low in 2009. To keep up with the real estate market at Ashford Place, or to find out what your condo might be worth, call The Bouma Group today at 734-761-3060 or email info@bouma.com today. See more Ann Arbor Condo complexes here!

Ann Arbor Real Estate Market Update – June 2016

Prices Continue to Rise for Ann Arbor Real Estate

Ann Arbor Real Estate June 2016 Second QuarterSale prices for Ann Arbor Real Estate continue to rise through the second quarter of 2016. Inventory remains low, even lower than this time last year when there were 549 homes listed for sale compared with this year’s 526. According to the Ann Arbor Area Board of Realtors, sales dropped ever so slightly comparing this June with last, while the average sale price increased by 3.4% rising from $288,938 to $298,721. It remains a seller’s market with a 4.7 month supply of homes listed for sale.

The first half of the year was very busy as homes were selling almost as quickly as they were listed. The summer months tend to quiet a bit compared with the spring market, but if the trend keeps up it will stay busy. We will continue to monitor the market and keep you updated! Meanwhile, should you have any questions about your particular neighborhood, the value of your home, or what’s currently for sale don’t hesitate to contact us at 734-761-3060 or email info@bouma.com today!

Brass Creek Subdivision, Dexter Real Estate Report

Brass Creek, Dexter Real Estate Report – October 2014Brass Creek Subdivision, Dexter MI Real Estate

Brass Creek is an upscale subdivision located on the east side of Dexter, right outside of the historic downtown area. There are currently 4 homes listed for sale and so far this year, 3 homes have sold.

Homes for Sale:

  • $479,900.  7633 Blue Gentian Ct., Dexter. 3046 square feet with 4 bedrooms and 3 baths.
  • $525,000.  7766 Huron River Dr., Dexter. 3002 sq. ft. +1000 in finished lower level, 4 bedrooms, 3.1 baths.
  • $525,000.  7719 Brass Creek Ct., Dexter. 3167 sq. ft. +1518 in finished lower level, 5 bedrooms, 4.1 baths. Sale Pending
  • $600,000.  7710 Brass Creek Ct., Dexter. 3508 sq. ft. +1721 in finished lower level, 5 bedrooms, 4.1 baths.

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Report: Bigger is Better for National Home Buyers

US New Home ConstructionThe sluggish housing market over the last several years did not have an impact on Americans’ desire for bigger and fancier homes, according to a recent report from USA Today.

Evidently, demand continues to grow for these large estates, especially as the housing market across the nation improves.

This is a fascinating trend on the national housing market and one that is sure to impact both home buyers and sellers.

Americans Love to Own Large, Luxury Homes

The American Dream of owning a bigger and better home is still very much alive across the country.

In fact, as the recent USA Today article noted, many of today’s buyers still want a house that includes as many luxury amenities and features as they can think of – or at least afford.

This may include gourmet kitchens, deluxe bathrooms, spacious decks or screened-in porches.

While this is occurring, experts also note that homeownership rates have remained mostly stagnant. And income growth appears to be lagging behind the rising price of homes.

Meanwhile, the size of families and households continues to shrink, even though the houses themselves are getting bigger.

Experts say that this is because Americans still love the idea of owning a home that makes a statement about them, that demonstrates their status in society.

A Closer Look at This Housing Market Trend

Here is some relevant data on this housing market trend, based on US Census data:

  • The average square footage of newly built single-family homes in the U.S. jumped by nearly 57 percent, from 1,660 in 1973 to 2,598 square feet in 2013.
  • The Northeastern region of the country had the second-highest average square footage, which rose by 65 percent. Specifically, the square footage jumped from 1,959 to 2,636.
  • Meanwhile, the average number of people per household in the U.S. dropped from 3.01 in 1973 to 2.54 in 2013.
  • Specifically, families fell to 3.12 members from 3.48 during the same period of time.
  • As a result of the construction of larger homes, the average sales price of newly built single-family homes in the U.S. skyrocketed by 419 percent from $62,500 in 1978 to $324,500 in 2013.
  • Even if you consider inflation, that still quite a jump, experts say.
  • The Northeast is home to the highest average sales price, which increased by 646 percent from $63,000 in 1978 to $469,000 in 2013.
  • Between 2012 and 2013 alone, the average sales price of newly built single-family homes in the U.S. jumped by 20 percent: from $292,000 to $324,500.
  • Meanwhile, the U.S. homeownership rate continued to drop during the fourth quarter of 2013: from 65.4 during the fourth quarter of 2012 to 65.2 percent.

So What Do Home Owners Get With These Newly Built Homes?

A better question is: What don’t they get?

Here’s a breakdown of these new construction homes and what they offer to buyers:

  • Of the 569,000 homes built last year throughout the U.S., 188,000 (33 percent) contained three or more bathrooms.
  • Meanwhile, 251,000 (44 percent) of last year’s houses featured four or more bedrooms, which is the largest share since 1973.
  • Also, of the homes built last year, 301,000 (53 percent) came with a patio.
  • And 361,000 (63 percent) featured a porch.
  • Meanwhile 127,000 (22 percent) included a deck.
  • Another trend that experts are seeing is more finished basements for added space, according to the report.
  • These homes have mostly hovered around one and two stories, however, despite the increase in size. In fact, 233,000 (41 percent) of newly built homes last year were one story and 305,000 (54 percent) were two stories. Meanwhile, only 31,000 (5 percent) were three stories or more.

Follow Our Blog for More Valuable National Real Estate Data

Check back here soon for more pertinent information on the housing market and how it may impact you as a buyer or seller. We’ve made it our goal to help you stay informed as you navigate the market. After all, the better informed you are, the better prepared you are for securing a successful outcome on the housing market. And as always, if you have any questions about the current real estate market in Ann Arbor, or your particular neighborhood, contact us at 734-761-3060 or email info@bouma.com!

Lake Forest Highlands, Ann Arbor Real Estate Update

Lake Forest Highlands Real Estate Update – March 2014Lake Forest Highlands, Ann Arbor Homes

Lake Forest Highlands has already seen quite a bit of real estate activity since the beginning of the year. 2 homes have already sold in 2014, with 3 homes selling last year. There is currently 1 home listed for sale.

Home for Sale:

  • $379,900.  2508 Big Sky Ct, Ann Arbor.  2176 sq. ft. +1100 in finished lower level, 4 bedrooms, 3.1 baths. Listed by The Bouma Group

Sold Homes:

  • $390,000.  3853 E. Highlander Way, Ann Arbor.  2554 sq. ft. +1200 in finished lower level, 4 bedrooms, 3.1 baths.
  • $390,000.  2390 Sun Valley, Ann Arbor. 2559 sq. ft. +1363 in finished lower level, 4 bedrooms, 3.1 baths.
  • $346,500.  2162 Vail Court, Ann Arbor.  1884 sq. ft. +700 in finished lower level, 4 bedrooms, 3.1 baths.
  • $309,000.  3984 E. Highlander Way, Ann Arbor.  2307 sq. ft. +1150 in finished lower level, 4 bedrooms, 3.1 baths.
  • $295,000.  3900 E. Highlander Way, Ann Arbor.  1964 square feet with 3 bedrooms and 2.1 baths. Sold by The Bouma Group

In 2012, 6 homes sold with an average sale price of $315,167 and average price per square foot of $133. The 3 homes that sold in 2013 had an ASP of $348,500, up 11% over 2012, and an A$SF of $157, up 18%. So far this year, 2 homes have sold. Here at The Bouma Group, we specialize in Ann Arbor Real Estate and will continue to keep you posted on the trends at Lake Forest Highlands, so be sure to check back for more updates!

 

A Very Merry Year End National Real Estate Report

National housing market salesWhichever way you look at it, the real estate market is finishing strong as we wrap up 2013!

According to a recent Bloomberg report, several market indicators are showing growth and gains, which is great news for home buyers and home sellers alike!

Today, we’re going to share with you some of the highlights of this recent report. Happy holidays everyone!

US Home Sales

According to the Bloomberg article, purchases of new U.S. homes rebounded during the month of October from the lowest level it’s been in more than a year.

Specifically, home sales of these new homes jumped 25.4 percent to a 444,000 annualized rate. This was only a month after that figure was down to 354,0000, which was the weakest it’s been since April 2012.

Experts say that this signals that home buyers are beginning to adjust to higher mortgage rates.

Aiding this increase in home sales is the fact that there have been employment gains across the board, as well as stock price increases.

Here’s what else the report revealed about national housing market activity:

  • Home purchases decreased 6.6 percent in September from a 379,000 annualized pace in August.
  • The median home sales price showed a year-over-year decrease of 0.6 percent to $245,800 in October.
  • Home purchases rebounded in all four U.S. regions during the month of October.
  • The biggest increase in home purchases was in the Midwest with a 34 percent increase.
  • The supply of homes decreased from 6.4 months to 4.9 months during the month of September.
  • There were 183,000 new houses on the market by the end of October, which is down from 190,000 during the previous month.
  • New construction accounted for about 7 percent of the residential market in 2012.
  • Meanwhile, applications for building permits increased by 6.2 percent to a 1.03 million annualized rate, which is the most it’s been since June 2008.
  • That’s compared to a September pace of 974,000.
  • There were 2.13 million previously owned homes for sale by the end of October, which is down from 2.17 million during the month of September.

National Real Estate News at Your Fingertips

As you can see, our national real estate market is becoming more active as residents everywhere become increasingly optimistic about the state of the housing market.

This bodes well for 2014 predictions for the national housing market!

Check back at our Ann Arbor Real Estate blog for more national news in January 1 as we continue to discuss the market activity that affects you!

Ann Arbor Real Estate Market Update – September 2013

Ann Arbor Real Estate Sales at Highest Level This Year

Ann Arbor Real Estate Statistics for September 2013Sales for Ann Arbor Real Estate are at the highest level for the year with 1280 homes sold in the past 12 months. As these homes close, and not as many new listings come to the market, inventory continues to decline. With a 4.6 month supply of homes available, Ann Arbor is currently in a seller’s market. Once you get over the $800k price range, the months supply increases creating a buyer’s market for these higher priced homes.

Although the holiday season will be here before you know it, this fall is still a great time to get your home listed for sale. The Bouma Group has been selling Ann Arbor area homes for almost 30 years and has seen every type of market. Each one is different and Martin’s acute knowledge of current trends, combined with his cutting edge marketing will get your home sold for top dollar. Find out what your home is worth today by contacting us at 734-761-3060 or email info@bouma.com to get started!

Ann Arbor Real Estate Update – January 2013

Ann Arbor Real Estate Sales Up 22%

Ann Arbor Real Estate Home Statistics for Jan 2013

The Ann Arbor Real Estate market, as a whole, continues to be in a seller’s market with a 3.1 months supply of homes listed. Sales for the past 12 months are up a whopping 22%, compared with this time last year, and will only be halted by a county wide shortage of inventory, a.k.a. homes for sale. We are finally beginning to see a rise in inventory, up 9% when compared with last month, but is actually down 34% compared with this same time last year. As the spring market nears, we expect that number to continue to rise.

This huge lack of inventory makes this the best time to get your home listed for sale! Don’t wait for the spring market to get here, buyers are out there now and are scooping up great houses in record time. Call us today at The Bouma Group for a market analysis of your home – it’s quite possibly worth a lot more than you think! 734-761-3060 or info@bouma.com.