Tag Archives: Real Estate Trends

Ann Arbor Real Estate Market Update – August 2017

Positive Increases for Ann Arbor Real Estate

Ann Arbor Real Estate Statistics for August 2017
The Ann Arbor Real Estate market has experienced a lot of positive increases. For the month of August, the average sale price of homes rose 13% to $438,370 from $388,986 last August. Year-to-date, we’ve seen an increase in the number of new listing entered, 1106 vs. 1087 this time last year. The total number of sales dropped to 790 from 846, but the average sale price increased about 9%, going from $396,614 to $430,483. The overall average days on the market decreased from 33 to 29. Ann Arbor remains in a seller’s market with a 3.9 month supply of homes available for sale.

If we start to see an increase in inventory, the market could shift into a more balanced market. Right now, demand is outweighing supply and that is driving the prices upward. Thinking of selling? For a full market analysis of your home, contact the Ann Arbor Realtors at The Bouma Group today at 734-761-3060 or info@bouma.com. We are continually tracking pricing trends by neighborhood, price range, schools and more and have the marketing expertise to get your home sold quickly!

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Ann Arbor Real Estate Market Update – December 2016

Lack of Listings Drive Ann Arbor Real Estate Prices Upward

Ann Arbor Real Estate Statistics for December 2016

As has been the trend for most of the year, new real estate listings are down, sales are steady, and prices are up. According to the Ann Arbor Area Board of Realtors, new Ann Arbor home listings decreased by 12% when comparing December of this year to December of last year. Home sales decreased slightly from 84 in 2015 to 81 in 2016. And, the average sale price rose 8%, from $362,452 in ’15 to $390,381 in ’16.

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Briar Hill Subdivision Real Estate Report

Briar Hill Real Estate Report – March 2016Briar Hill Subdivision, Ann Arbor Neighborhood Market Update

Home values are on the rise at the desirable Briar Hill subdivision as the market continues to improve in Washtenaw County. There is currently 1 home listed for sale, and last year 7 homes sold.

Homes listed for sale:

  • $450,000.  3571 Barry Knoll, Ann Arbor. 2726 sq. ft., plus 1000 in the finished lower level, 4 bedrooms and 3.1 baths. Listed by The Bouma Group

Sold Homes:

  • $505,000.  3713 Parkwood Circle, Ann Arbor. 3004 sq. ft., plus 1000 in the finished lower level, 5 bedrooms, 3.1 baths.
  • $502,500.  1718 Springmill Lane, Ann Arbor. 2800 sq. ft., plus 748 in the finished lower level, 4 bedrooms, 3.1 baths.

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Ann Arbor Condo Market Update – December 2015

Year Ends with Extremely Low Inventory

Ann Arbor Condo Market Statistics for December 2015
Ann Arbor Condo inventory is extremely low with only 117 units listed for sale. This is the lowest it has been in the past 2 years. Sales remain higher than previous years, so condos are selling at a fast pace, indicating plenty of buyers. If more units do not become available soon, there won’t be anything to purchase and the market will stall. Overall, Ann Arbor condos are in a strong seller’s market with a 2 month supply of units available.

Get a head start on spring and get your condo listed for sale now!  Give the real estate specialists at The Bouma Group a call at 734-761-3060 or email info@bouma.com and find out what it’s worth, you may be surprised! Not quite ready? Sign up for a free market snapshot and see what’s listed for sale and selling in your complex. We’ve been selling Ann Arbor Condos for 30 years and have the expertise to get yours sold quickly!

Ann Arbor Real Estate Market Update – October 2015

Ann Arbor Real Estate Market Virtually Unchanged

Ann Arbor Real Estate Market Statistics for October 2015
There were few changes to the Ann Arbor Real Estate market when compared with last month. And when compared with this time last year, the only significant change is the number of homes sold. This is a positive sign for home sellers! But unless we start to get more listing inventory, sales will quickly begin to slow down. Low inventory has been an issue for the Ann Arbor area for quite some time now. Our buyer’s agents continue to report that their buyers cannot find a home due to lack of listings available. Because of steady sales and low inventory, Ann Arbor is in a seller’s market with a 4 month supply of homes for sale.

Even though the holidays are quickly approaching, it’s still a great time to get your home listed for sale. Inventory is low and the buyers still out there are serious about finding a home! To see what your home is worth, contact us, the Ann Arbor Real Estate specialists with The Bouma Group at  734-761-3060 or email info@bouma.com. Find out more about our terrific Seller Services here!

Stonebridge Estates, Ann Arbor Real Estate Report

Stonebridge Real Estate Report – November 2015Stonebridge Estates, Ann Arbor Subdivision of Luxury Homes

Located in a beautiful golf course setting, Stonebridge Estates offers upscale, luxury homes in a variety of styles. There are currently 5 homes listed for sale, and so far this year 17 have sold.

Home for Sale:

  • $865,000.  4734 Lohr Rd., Ann Arbor. 4146 sq. ft., +1836 in finished lower level, 6 bedrooms, 4.2 baths.
  • $839,000.  2328 S. Stonebridge, Ann Arbor. 3744 sq. ft., +1700 in finished lower level, 5 bedrooms, 3.2 baths.
  • $629,000.  1744 S. Stonebridge, Ann Arbor. 3580 square feet with 4 bedrooms and 3.1 baths.
  • $624,900.  2077 Prairie Dunes Ct., Ann Arbor. 2858 sq. ft., +1000 in finished lower level, 5 bedrooms, 3.1 baths. Listed by The Bouma Group
  • $499,900.  4809 St. Andrews Ct., Ann Arbor. 2473 square feet with 4 bedrooms 2.1 baths.

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US Pending Home Sales Rise for Third Month in a Row

home buying 18We have some excellent news to report from the national housing market: Evidently US pending home sales index increased for the third straight month in April.

This is a great testament that the national housing market is getting back on track and becoming increasingly stable.

If you’re considering entering the market anytime soon as a buyer or seller, we encourage you to continue reading to learn more about this new trend.

The Latest Outlook from the Housing Market is Positive

Let’s take a closer look at the recent report from the National Association of Realtors.

According to recent data, the pending home sales index (which is based on contract signings for purchases of previously owned homes) increased 1.1 percent to a seasonally adjusted level of 108.6 in March.

This is also higher than in February, when the level was 107.4.

And evidently, the increase in the home sales index is higher than many economists surveyed by the Wall Street Journal thought it would be. They had expected the increase to be 1 percent.

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5 Baby Boomer Housing Market Trends to Watch

boomersRegardless of where you live, experts are expecting that Baby Boomers will have a major impact on the local housing market.

That’s because this sizable portion of the population is comprised of 76.4 million individuals. And many of them are expected to make major moves over the next several years as they continue to retire.

To that effect, we wanted to share with you the top 5 Baby Boomer real estate trends to watch for in the coming months and years.

The Top 5 Real Estate Trends for Baby Boomers

Although many Baby Boomers plan to move to the Sunbelt when they retire, others may be motivated by different factors.

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Signed Contracts for US Homes Increase, Report Shows

Home contractIn the latest sign that the U.S. real estate market is improving, more Americans signed contracts to purchase homes in February than in nearly a year.

The National Association of Realtors released the data, which showed that the seasonally adjusted pending home sales index increased 3.1 percent to 106.9 in February.

That’s the highest it’s been since June 2013!

If you’re preparing to list your home anytime soon on the local housing market, we encourage you to continue reading to learn more about this trend!

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Home Improvements That Pay Off When Selling Your Home

Home RemodelingNot all home remodeling projects are created equal – especially when you’re trying to get the biggest bang for your buck when it comes time to sell your property.

So before you spend thousands of dollars on that home remodeling project you’ve been dreaming about, make sure that you’re armed with the facts first.

Today, we’re going to tell you which of the most common home renovation projects are worth the investment, and which ones you’re better off doing without. The answers may surprise you.

Roofs and New Siding: Not Very Glamorous but Quite Impactful

Remodeling Magazine reports that you’re more likely to recoup your investment on such features as your roof or your siding than you are on bathroom or kitchen remodels.

In fact, siding replacement recouped 92.8 percent of its investment while roof replacements recouped 90 percent or more at resale.

Roof replacement appears to be most important to buyers in the east, with home owners recouping an average 96.3 percent of the cost. In the Midwest, that average return was around 71.1 percent.

That’s because home buyers care more about the overall structure of the home than they do about an aesthetically pleasing kitchen.

What’s more, a recently replaced roof or new siding tells buyers that their maintenance costs are going to be low to non-existent for the first few years. And it’s impossible to understate how important that is to buyers.

Kitchens: A Sound Investment or Not?

The consensus is unanimous: Kitchen remodels are an excellent way to spend your home renovation dollars – but only if you don’t spend too much out the gate.

In fact, minor kitchen remodels (in the ballpark of $15,000 or less) returned 92.9 percent of the investment. That number dropped off on bigger remodeling projects in the kitchen.

Some features to focus on in the kitchen include all wood cabinets, commercial-looking appliances, stone floors and stone counter tops.

How About Bathrooms?

Bathrooms are also a fantastic place to invest your home remodeling dollars. Often, home owners are pleasantly surprised to discover that they get a 100 percent plus return on their investment.

For instance, a $9,400 bathroom remodel in Baltimore recently recouped 182 percent of its cost at resale.

Some features that you may want to focus on during a bathroom remodel include floor-to-ceiling steam showers and walk-in showers.

And if you only have one bathroom in your home, spend your money on adding a second bathroom instead of remodeling the only bathroom you have.

Don’t Forget To Consider Your Home’s Curb Appeal!

People often focus their remodeling dollars on the inside of the home but the exterior is just as important – if not more so.

After all, a potential home buyer will form an opinion about your home before they ever step foot inside.

Perhaps that’s why adding siding is such a sound investment when you look at the return you could get at resale.

Another way to make sure your home has adequate curb appeal is by adding a front porch or other architectural features to make your home more inviting.

Give Buyers Extra Room to Grow

Finally, consider adding another room to your home during a remodeling project.

We’ve already talked about the benefits of adding a bathroom. But the same principles hold true for other room additions as well.

In fact, for every 1,000 square feet added to a home, your sales price will increase by more than 30 percent, according a 2005 National Association of Realtors study.

One caveat to this rule: Don’t add so much extra space that your home becomes the most expensive home in the neighborhood. That’s a sure way to turn off home buyers.

Just a Few More General Notes About Home Remodels

RS1551_shutterstock_983846-lprRegardless of what type of project you select, remember that the following factors will also help determine your return on investment:

  • The Value of Your Home
  • The Value of the Homes in Your Neighborhood
  • The Housing Market You’re Located In
  • How Soon You Sell Your Home After the Home Improvement Project
  • The Quality of the Home Improvement Project

Your #1 Resource for Real Estate Trends and News

Hopefully you learned something today about home remodeling projects and how much they really benefit you as a prospective home seller. Make sure to follow our blog to receive the latest updates on real estate trends like these and how they may impact you! As always, contact us directly at 734-761-3060 or email info@bouma.com if you’d like to learn more about the real estate market on a national level or in Washtenaw County!