Listing Prices are Down for Ann Arbor Condos, but Selling Prices Rise
For the month of August, Ann Arbor condos have seen surprising statistics compared to August 2017. The average listing price is $310,161, which is 4.5% lower than the previous August where the ALP was $324,753. Perhaps this is because there is an increase in the amount of listings entered, from 62 condos to 74 last month, which means 19.4% more available inventory. This is good news for buyers; but luckily for sellers, condos are selling above the ALP too. On average, condos are selling for $323,219, whereas last year the ASP was $264,117, this is a considerable 22.4% increase. Only one more unit sold this August in comparison to the prior August when 61 condos were sold. Fortunately for sellers, the average days on the market is 23, which is a 25.8% decline compared to last August’s average of 31 days. Looking at the year-to-date statistics, there has been an increase in the amount of listings entered, but a decrease in the amount of sales. Thus far in 2018, 576 condos have been entered into the multiple listings service; this is a 4.7% increase compared to the 550 units that were entered at this time last year. The average listing price has increased a decent 18%, from $296,238 to $350,041 so far this year. Differing from the monthly statistic, the average selling price is below the ALP equaling $296,786; this is an increase of 17.5% compared to last year when the ASP was $252,547. It is currently a seller’s market for Ann Arbor condos, especially for affordable units that are selling below $400k. Condos above $500k are considered to be part of a buyer’s market though.
Ann Arbor condos are slowly making their way closer towards a balanced market, which is favorable for both buyers and sellers. Whether you are looking to buy or sell, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Stay tuned for more information about the market in Ann Arbor and surrounding areas!