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March 2011 Ann Arbor Condo Market Update

When comparing March to February, the Ann Arbor Condo market is seeing increased inventory and is slipping towards a buyer's market with a 7.8 month’s supply of condos. While sales for the past 12 months have decreased a bit, inventory has gone up by 19%. The under $100k market is still considered a balanced market, with a 6.5 month supply of condos, but the $100-200k and $200-300k price points have all seen decreased sales with increased inventory. The $300-400k price range has actually seen a decrease in inventory and month's supply and remaining unchanged is the $400-500k market. Once you get into the over $500k market, it is a complete buyer’s market with only 5 units selling in this price range in the last year and 0 over the $1M mark. The rental market is very strong for Ann Arbor condominiums and has a month's supply of 2.



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.

This is the perfect time to purchase an Ann Arbor condo! There is a great selection of units, many great deals out there, and interest rates are still at historic levels. To get instant new listing information, contact us today at 734-761-3060 or info@bouma.com. If you are thinking of selling your condo, let us tell you what your condo is worth in today's market. We look forward to hearing from you!

Posted Thursday, April 21, 2011 by Martin Bouma
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February 2011 Ann Arbor Condo Market Update

In the Ann Arbor school district, there is a 6.4 month’s supply of condos which is considered a balanced market. Ann Arbor condos under $300k are in a seller’s market, especially condos priced between $100-200k where we are seeing a 5.1 month’s supply. The $200k-$300k price point has entered the balanced market with a 6.8 month’s supply. Condominiums over $500k are in a complete buyer’s market with only 5 units selling in this price range in the last year with 0 over the $1M mark. The rental market is still very strong and the month’s supply is at a low 2.

Inventory has increased by only 4%, when comparing to that of January. But for the first 2 months of 2011, Ann Arbor condo listings are down by 32.7% when compared to the same in 2010. Now is a great time to sell a condo - spring is right around the corner, inventory is very low, and interest rates are still at historic levels.

Ann Arbor Condo Statistics Feb 2011

In the real estate market, if there is less than a 5 month’s supply of condos on the market, you are in a seller's market. A 5-7 month supply of condos is a balanced market. Anything over 7 months is a buyer's market.

Buyers are still looking for the best deal to be found and condos have to be in excellent condition and priced competitively in order to sell. If you’re thinking of selling your Washtenaw County condo and want to know what it’s worth in today’s market, give us a call at 734-761-3060 or email us at info@bouma.com, we’d love to talk with you!



Posted Thursday, April 21, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, Market Statistics

January 2011 Ann Arbor Condo Market Update

Based on the month's supply of units, the Ann Arbor Condo market, in general, is holding steady and is considered a balanced market. This is mainly because condos under $200k are in a sellers market, especially condos under $100k which have only a 2 months supply. The $200k-$300k market is considered to be in a buyers market, with an 8.6 months supply. Once you get into the over $500k market, things drastically change to a complete buyers market and only 4 units have sold in this price range in the last year. The rental market is very strong, as sellers are choosing to rent their units and are very successful with this. The months supply is at a very low 1.3.

Ann Arbor Condominium Statistics for January 2011

Although inventory is considered to be low, in order to sell Ann Arbor area condos still have to be in excellent condition and priced competitively Even with limited choices, buyers are not willing to make compromises. With so many condo owners being upside down on their mortgage, I see the market inventory remaining tight for the foreseeable future with many choosing to rent out their units instead of sell.

In the real estate market, if there is less than a 5 months supply of condos on the market, you are in a seller's market. A 5-7 month supply of condos is a balanced market. Anything over 7 months is a buyer's market.


Check back here each month for a new market update, and as always, if you'd like to find out more details about your Ann Arbor Condo community, give us a call at 734-761-3060 today!

Posted Thursday, April 21, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, Market Statistics