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.
This is a great time for Ann Arbor condo sellers and buyers alike! With more inventory coming to the market, there are more condos for buyers to choose from. And while prices are increasing, mortgage rates are still historically low, giving buyers more purchase power than they had even 5 years ago. For condo sellers, increasing value is giving homeowners more equity than they’ve ever had in their units, making it possible for higher profits when selling. For more information on the Ann Arbor condo market, or what is happening with values in a certain complex, contact us at The Bouma Group. We’ve been the top seller of condos in Ann Arbor for more than 30 years and know this market better than anyone! Call 734-761-3060 or email us at info@bouma.com today!
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