Ann Arbor Condo Market Update
Ann Arbor Condos remain in a seller’s market with a 3.4 month supply of listings at the end of the second quarter of 2017. In fact, it has been a seller’s market since May of 2013 when it was briefly a balanced market. The trend has been that May has the highest amount of inventory. But even with higher Spring inventory, it still isn’t enough to keep up with buyer demand, which is keeping it a seller’s market. The other side of this is, condo prices are being driven upward as multiple buyers bid the price up. This is great news for seller’s, but buyer’s are having to pay more. Continue reading
Ann Arbor Real Estate Update
As the second quarter comes to an end, Ann Arbor Real Estate is in a seller’s market with a 4.5 month supply of homes overall. The number of listings is at it’s highest for the year with 494 homes for sale, but demand remains high and more than half of these listings are under contract with a buyer. Over $600k, things slow down a bit and it’s more of a buyer’s market in these price points due to the higher inventory.
It’s always a great time to sell your home, but now is the best! The summer market is still going strong and spring buyers that haven’t found the perfect home yet are just waiting for new listings. Wondering what your home is worth? Don’t count on a computer generated Zestimate, contact the real estate specialists with The Bouma Group today at 734-761-3060 or email firstname.lastname@example.org. We know the nuances of each Ann Arbor neighborhood and how to properly price your home for the market at that moment. Want to know what’s selling in your area? Get a FREE market snapshot here!
Now is the Time to Sell Your Home!
If you’ve thought about selling your home this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:
“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”
Yun goes on to say:
“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”
Selling Your Home
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies. We see this every day.
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas while it remains a seller’s market. Want to know what your home is worth or are you ready to list? Contact the real estate specialists with The Bouma Group at 734-761-3060 or email email@example.com and we’d be happy to talk to you about it!
Ann Arbor Condos Are Selling Like Hotcakes!
Buyer demand is extremely high for Ann Arbor Condos right now and the lack of inventory is driving quick sales up. When comparing this September with last September, the number of condos sold increased from 43 to 62 and the number of days on the market decreased from 50 to 22, according to the Ann Arbor Area Board of Realtors. The number of units listed during September decreased, leaving many buyers still on the lookout for the perfect condo. It remains a strong seller’s market with a 2.7 month supply of condos listed for sale.
Condo sales don’t revolve around the school year, as many neighborhood homes do. With high demand and fewer units on the market, now is a great time to get your condo listed for sale! Wondering what your condo could sell for today? Contact us at The Bouma Group, Realtors at 734-761-3060 or email firstname.lastname@example.org and we can talk about it. View a list of all Ann Arbor Condo complexes to see photos, amenities, statistics, condos for sale and more!
Condo Sales Strong as Summer Comes to an End
Ann Arbor condo sales in August increased significantly when compared with August of last year. According to the Ann Arbor Area Board of Realtors, condo sales were up 38% with 125 units closed for the month, compared with only 90 sales the previous August. Inventory remains virtually the same and it continues to be a seller’s market with a 3.1 month supply of condos listed for sale. The average sale price also increased and is at $208,113, up 8%.
It was a very busy summer and we anticipate a steady fall season as well. If you are thinking of selling in the near futures and would like to know what your unit is worth, give us a call at 734-761-3060. Want to know more about the different complexes in the area? View all Ann Arbor Condos here!
Low Inventory of Ann Arbor Homes Sets Stage for Higher Prices
Ann Arbor Real Estate inventory is still declining and that is the driving force behind the continued seller’s market. Right now, the month supply of homes listed for sale is 4.5. Due to lower inventory, homes are selling at a faster pace and for more money. According to the Ann Arbor Area Board of Realtors, the average days on the market for August was 42 in 2015 and decreased to 36 in 2016, while the average sale price was $276,505 in 2015 and increased to $283,171 in 2016. When new inventory comes to the market, buyers are moving quickly to secure the property and willing to outbid competition to get the home.
Be sure to check back here each month for an update for Ann Arbor Real Estate, Ann Arbor Condos, Dexter Real Estate, and Saline Real Estate as we track each month’s statistics. To learn more about home values in your specific neighborhood or what your home is worth, contact the specialists with The Bouma Group at 734-761-3060 or email@example.com today!
Spring Market Brings More Condo Listings
The spring real estate market is here and with it brings much need condo listings. Inventory has risen 60% since the beginning of the year. Sales are also on the rise, as new listings are selling as soon as they come to the market. Of the 208 condos listed for sale in Ann Arbor, 53% are under contract with a buyer. It continues to be a seller’s market with 3.6 month supply of inventory.
Spring is the hottest time for selling condos in Ann Arbor, so if you’ve been thinking of getting yours listed, now is the time! Find out what your condo is worth by contact us at The Bouma Group at 734-761-3060 or email firstname.lastname@example.org. See condo values in your or other Ann Arbor Condo complexes here!
Ann Arbor Plunges Deeper into Seller’s Market for Condos
Ann Arbor dips further into a seller’s market, with a 1.1 month supply of condo inventory, as sales continue to soar and listings aren’t keeping pace. When looking back at February over the last few years, inventory is actually pretty steady. There were 160 condos listed in 2015, 157 in 2014, and 146 in 2013. However, there are not enough listings to keep up with today’s buyer demand. The condo listings we’ve taken so far this year have all received offers within the first week.
Do you own an Ann Arbor Condo you’ve been thinking of selling? Check out your complex here to see what is currently listed for sale and what the pricing trends have been. Contact us at The Bouma Group and find out what we can do to get your unit sold and for top dollar!
Year Ends in Strong Seller’s Market for Ann Arbor
Ann Arbor Real Estate ended the year in a strong seller’s market with a 2.6 month supply of homes listed for sale. Inventory continues to dwindle, as it typically does this time of year, but it is at its lowest point in quite a few years. All price points have a relatively low month supply, even the higher price points. Sales remain steady and were up 12.5 percent compared to a year ago. According to the Ann Arbor Area Board of Realtors, The Ann Arbor area was a real estate hot spot in 2015, making the top 20 list for hottest real estate markets in the United States.
This huge lack of inventory makes this the best time to get your home listed for sale! Don’t wait for the spring market to get here, buyers are out there now and are scooping up great houses in record time. Call us today at The Bouma Group for a market analysis of your home – it’s quite possibly worth a lot more than you think! 734-761-3060 or email@example.com.
New Listings Increase for Ann Arbor in November
When compared with November 2014, new residential listings increased by almost 5%. Homes sold and sale prices are also up slightly, a result of continued buyer activity and a strong local economy. Ann Arbor remains in a seller’s market with a 3.4 month supply of homes listed for sale.
With the business we’ve had here at The Bouma Group so far this December, we are anticipating a great month with a very busy new year. We have many new listings slated to enter the market in January. If you’ve been considering selling your home, get a jump on the spring market and contact us now at 734-761-3060 or firstname.lastname@example.org for a market analysis of your home. The spring market starts right after the holidays, be ready and get your home sold before the competition!