There are more than 20 different downtown Ann Arbor Condo communities and each offers a different style and experience for a variety of buyers. Values have decreased over the last few years, but like Ann Arbor homes, prices seem to be increasing. 2009 was the lowest year for number of units sold, average sales price, and price per square foot, however, in 2010 we saw an increase of 71% in number of units sold, an increase of 11% in average sales price, and an increase of 5% in average price per square foot. So far in 2011, 15 condos have sold with an average sales price of $294,469 and average price per square foot of $229.35. The highest selling condo price was $540,000, $261.88/square foot, for an Ashley Mews brownstone with 2466 total square feet, 3 bedrooms and 2.1 baths. The lowest priced unit that has sold was a studio-style Riverhouse condo that closed for $67,000, $146.29/square foot, and had 458 square feet with 1 full bath.
Many condominium owners are waiting for values to fully recover and are deciding to rent out their units instead of selling. In the graph above, you will see that the number of units rented has steadily increased since 2006 and the average rental price has decreased. So far this year, 16 units have rented with an average price of $1563.
Here at The Bouma Group, we will be keeping a close eye on the downtown condo market as it continues to recover. Check back here frequently for Ann Arbor condo market updates and well as instant listing and sold information for all Ann Arbor condominium communities. And for Ann Arbor Subdivision information, be sure to visit the Subdivision Hotline!
Posted Friday, May 20, 2011 by Martin Bouma
Tags: downtown ann arbor condos
, downtown ann arbor condo prices
, ann arbor condo rentals
, ann arbor condo sales
The Ann Arbor condominium
market has entered a buyer's market with an
8.2 months supply of condos, but has only added 5 units to its
inventory, when compared to this time last month. While condos sold in
the last 12 months has decreased a bit, the number of homes under
contract has increased by 37%, which is an indication that the condo
market is really picking up. We will see the number of condo sales
increase as the units that went under contract close over the next 30-60
days. The market is still balanced in the under $100k price range, with
a 6.9 month supply of condos. The $100-200k is in a slight buyer's
market with a 7.3 months suppy and is highly active with the number of
homes under contract at 53%. The $300-400k and $400-500k market have
remained basically unchanged over the last month. It is a total buyer's
market once you get into the over $500k market, and only 4 units have
sold in the last year, with 0 closing over the $1M mark. The Ann Arbor rental market
remains strong, with a 2 months supply, as sellers are
choosing to rent their units and are very successful with this.
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.
is here, inventory is still relatively low, and units are selling – now
is the perfect time to get your condo listed for sale! To find out more
about the market in your complex and what your condo is worth, 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 Sunday, May 15, 2011 by Martin Bouma
Tags: market update
, Ann Arbor Condos
, Ann Arbor Condominiums
, Market Statistics
, ann arbor school district