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July 2011 Ann Arbor Condo Market Update

Ann Arbor Condo Stats July 2011

Inventory continues to decline for the Ann Arbor condo market and compared to the end of June, it's down 4%. There is currently a 7.1 months supply of housing, which is technically a buyer's market, but it is on the edge of a balanced market, which we haven't seen in quite a while. Condos that sold in the late spring/early summer are still steadily closing, while the number of condos under contract with a buyer has decreased by 16%. Sales for the past 12 months has remained steady. These are all good signs that point the Ann Arbor condo market beginning to stabilize.

The under $100k and the $100k-200k price ranges are in a balanced market. The $200k-$300k is still in a buyer's market with a 9.2 months supply of units. The most significant change we're seeing is in the $400k-$500k price point, where the months supply is down by 24%. Things have remained basically unchanged over the $500k mark with 1 unit added to the inventory, 1 condo going under contract, and all price points remaining in a complete buyer’s market. The Ann Arbor rental market continues to be 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 2.6.

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 info@bouma.com. We'd love to talk with you about your Ann Arbor condominium!

Posted Thursday, August 11, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, Market Statistics, Ann Arbor Condo Statistics