Comparing the end of May
to the end of June, the overall Ann Arbor condo
market continues to see a decrease in inventory, and is down 7%. It is still considered to be in a buyer's market with a 7.4 months supply of units, which decreased from 8 (8%) over last month. Also up from the end of May is the number of units under contract with a buyer, 34%, and units sold in the past 12 months have also slightly increased. These are all good signs that point the Ann Arbor condo market beginning to stabilize.
Returning to a balanced market is the under $100k and $100k-200k markets. The $200k-$300k is still in a buyer's market with a 10 months supply of condos. The biggest change we're seeing is in the $300k-$400k price point where the months supply decreased to 6.8, down 18%. Things have remained basically unchanged in all price points over $400k, except for 1 condo going under contract and all price points are in a complete buyer’s market. The Ann Arbor rental market is very strong, as sellers are choosing to rent their units and are very successful with this. The month’s supply is at a very low 2.7.
In the real estate market, if there is less than a 5 months 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 summer market is here, inventory remains relatively low, and interest rates are still at historic levels – now is the perfect time to get your condo listed for sale or make that condo purchase! To find out more about the market and Ann Arbor condo values, contact us today at 734-761-3060 or firstname.lastname@example.org
. We'd love to talk with you about your Ann Arbor condominium!
Posted Monday, July 11, 2011 by Martin Bouma
Tags: market update
, Ann Arbor Condos
, Ann Arbor Condominiums
, Market Statistics
, ann arbor condo sales
, Ann Arbor Condo Statistics