Ann Arbor Condo Sales Continue to Rise
While inventory for Ann Arbor Condos is down 14%, when compared with this time last year, sales for previous 12 months are up by 17%! Low inventory, combined with high sales is keeping Ann Arbor in a seller’s market with a 2.7 month supply of condos listed for sale. The under $200k market is booming with 655 condos sold since last October. Condo values continue to rebound and are exceeding those at the peak of the market in 2006 when the average price per square foot was $151.03. The low was in 2011 with an A$SF of $110.11. So far this year the A$SF is $158.00, up 44% from the low.
Even though the fall market has wound down and the holidays are upon us, condos are selling. The number of sales show that there are still plenty of buyers out there. The lack of inventory will impact sales as buyers have less and less to choose from. If you have been thinking of selling your condo, don’t wait. Get a jump on the spring market and call us for a market analysis today at 734-761-3060 or email info@bouma.com. Be ready before the competition begins after the new year!