Ann Arbor Condo Prices Surge Compared to Last July
In all aspects, Ann Arbor condos have seen an increase in pricing compared to last year. Comparative to July 2017, the amount of new units listed is increased a staggering 61%, from 59 condos to 95 entered this July. The average listing price has also greatly increased from $278,100 to $415,405 since last July, which is a considerable 49.4%. Despite the dramatic rise in available inventory, the difference in amount of sales has increased only a mere 3% compared to the prior July, 62 sold condos versus 64. Sale prices, however, have managed to ascend from $248,766, on average, to $323,768. The difference in average sale prices for July between this year and last is 30%. On average, condos are on the market for 16 days. Looking at year to date statistics, there has also been a rise in pricing. So far this year, the average listing price is $355,552, and this is a 21.5% increase in comparison to the ALP of $292,734 at this time last year. In Ann Arbor, 503 condos have sold thus far versus 488 in July 2017; this creates an increase of 4.1%. Unfortunately there has been a 21% decline in the amount of sold units thus far in 2018, from 386 sold condos to 305. The average sale price for condos so far this year is $290,733 which is a rise of 16% in comparison to last year’s ASP of $250,719. Overall, it is a seller’s market for Ann Arbor condos, especially for more affordable condos sold under $400k. Condos that are more than $400k are considered to be part of a buyer’s market though.
Ann Arbor condos are very close to being in a balanced market, which would be more favorable for both sellers and buyers. Whether you are looking to buy or sell a condominium, contact the specialists with The Bouma Group at (734)761-3060 or email firstname.lastname@example.org. For more updated knowledge on the Ann Arbor market, check back here!