Here are the Downtown Ann Arbor Condo Stats!
The downtown Ann Arbor condo market saw 13 closings in the 4th quarter of 2022, with 4 of those sales being new construction. This compares to 10 closings in the 4th quarter of 2021 and 6 closings in 2020. Of the 13 closings, 3 occurred at 309 North Ashley, a new construction project, and they all sold for over list price, which is normal as purchasers typically do a number of upgrades. Of the remaining 10 closings, one condo sold for list price, and everything else sold for under list price.
Highest Sales Price in Downtown Ann Arbor
The highest sales price was $1,350,000 for a duplex condo located at 711 5th Ave. This Ann Arbor condo features 2,435 SF, plus a finished basement, 4 bedrooms, 4 baths, and 2 car garage. This unit last sold in August 2017 for $720,000. The 2nd highest sales price was $1,325,112 for a 2,317 SF new construction condo at 309 North Ashley. The 3rd highest sale also occurred at 309 North Ashley.
Liberty Lofts saw its highest sale ever with a sales price of $1,275,000 for a renovated corner penthouse unit. This 2,091 SF unit features 2 bedrooms, 2 baths, a private rooftop deck overlooking the city, and a 1 car garage. This unit last sold in November 2020 for $1,037,00. A total of 5 condos sold for over $1,000,000.
Lowest Sales Price in Downtown Ann Arbor
The lowest sales price occurred at 101 W. Liberty. This 747 SF, 1-bedroom condo located above Starbucks came without parking or a balcony and sold for $400,000. It last sold in October 2017 for $375,000.
Downtown Inventory
As of January 10, 2023, there were 14 condos on the market in downtown Ann Arbor with 4 being under contract. Six of the active listings are new construction. This is a dramatic drop from a year ago when there were 24 condos on the market with 16 of them being new construction. Six of the condos are priced above $1,000,000 and 5 of those are new construction.
The highest resale property is on the market at $1,350,000 (originally priced at $1,500,000). 505 E. Huron #305/306 located at Sloan Plaza features 3,156 SF – making it the largest unit on the market, with 4 bedrooms, 2 full and 2 half baths, and 2 parking spots. This unit has been on the market since May 20, 2022. The lowest-priced condo on the market is an efficiency unit at Ashley Terrace that was listed on November 8, 2022. This 648 SF unit features a balcony and 1 parking spot and last sold in July of 2017 for $302,000, prior to that it sold in April of 2014 for $240,000 and in September of 2008 for $200,000.
As of January 10, 2023, there is only one 2-bedroom condo available – 322 Liberty #2 at Loft 322 – priced at $535,000. It is now under contract.
What’s the Forecast for 2023?
Now that the availability of new construction condos has pretty much disappeared, the resale market should get a little stronger. On the horizon are Detroit Street Condos located in Kerrytown, which will bring an additional 14 condos into the downtown area (7 have already been reserved), however completion of that development is projected to be completed in 24 months.
Moving into 2023, I believe that despite the high-interest rates, high inflation, and the down stock
market, the downtown real estate market will remain steady based on the lack of inventory – both re-
sale and new construction. We are watching the trends very closely to see how the spring market
shapes up and will be sure to give an update at the end of the 1st quarter.
As always, condos that are priced correctly and in tip-top shape are always in demand. Ann Arbor
has a strong economy, and there is always a lot of movement into and out of the area.
As the market changes, be sure to get the most current information so you can make the right
decision. Should you wish to discuss the market in-depth, contact us at 734-761-3060 or info@bouma.com. We remain cognizant of the upcoming condominium and housing projects and are aware of upcoming inventory. It would be our privilege to work with you! Feel free to stop in and visit us anytime – we are located downtown, at the corner of S. Main and Madison.
Want the statistics we’ve gathered for the 4th quarter? Get the full report, stats included, here!
