Skip to main content

Ann Arbor Condo Market Update – October 2011

The Ann Arbor Condo Market Remains Steady

The fall real estate market is in full swing and for Ann Arbor condos overall, we are seeing few changes when comparing October to September. Inventory declined slightly and remains at its lowest point for the entire year. There are currently 238 units listed for sale, which is only down 2% from last month. The number of condos under contract with a buyer also decreased, as well as sales for the past 12 months. While most price points are in a buyer’s market, the overall market continues to be in a balanced market with a 5.7 month supply of condos, as condos listed at $200k and under are in a seller’s market and is generally what’s selling.

Ann Arbor Condo Statistics for October 2011

The largest change is once again in the $400-500k range, where the months supply of condos went up by 20% when compared to last month. In September there were 4 closings in this price range, while in October there were only 2 with no new condos listed for sale. This increase puts this price range back into a solid buyer’s market. The $300-$400 range is still in a balanced market. The $500k-$1M price point saw 1 new listing at Ashley Mews and over $1M mark things have remained unchanged with no sales and no new condos coming to the market.

In the real estate market, if there is less than a 5 month supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market. The under $100k market is still in a seller’s market, with the $100k-200k and $300k-400k in a balanced market, and the remaining price ranges in a buyer’s market.

Inventory for the Ann Arbor condo rental market remained the same, but the number of sales in the past 12 months declined by 8 units. It continues to be very strong, as sellers are choosing to rent their units, and the month’s supply is at a very low 1.3.

Although there aren’t big changes happening in the Ann Arbor condo market, it is still a great time to sell or buy. Inventory is at the lowest point of the year making it less competitive and Ann Arbor mortgage interest rates are at historic lows allowing condo buyers to get even more for their money. To learn more about condo values in Ann Arbor or about the excellent opportunities available to purchase a condo for yourself or as an income property, contact us today at 734-761-3060 or For instant listing and sold data, plus floor plans, by-laws and amenities, visit Ann Arbor’s Condo Hotline – Washtenaw County’s #1 source for condominium information!

Leave a Reply