Downtown Ann Arbor Condo Prices

Downtown Ann Arbor Condo Values

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

April 2011 Ann Arbor Condo Market Update

Ann Arbor Condo Market Statistics

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.

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.

Spring 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 info@bouma.com. 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

April 2011 Ann Arbor Market Update

Ann Arbor Home Market Statistics

The spring real estate market is heating up and residential inventory for the overall Ann Arbor school district is increasing - up 17.5% over March. Except for the under $100k market, which decreased by 16%, and the $100k-$200K range, which had an increase of only 5%, all price points have seen large increases in inventory. There were 639 homes for sale with 26% under contract at the end of March. At the end of April, that number increased to 751 homes for sale, with 29% under contract. Even though there has been a large increase in homes listed, there has also been a large increase in the number of homes going under contract with buyers. In the chart abouve, you will see that the number of homes sold in the past 12 months has decreased, but this is typical for the slowest time for real estate, the first quarter of the year. The number of homes under contract is rising, which shows there have been increased home sales in the past month. The number of homes sold will begin to rise as they close over the next 30-60 days.



The Ann Arbor school district is currently in a buyer's market with a 9.2 month supply of housing. There has been an increase in the month's supply of homes in all price points, except the under $100k and $800k-$1M ranges. The largest increase of months supply was in the $300-$400k market, going from 6.3 to 9.9 in just a month's time. The under $100k market is seeing a 3.3 month's supply of housing, keeping it in a seller's market. Over $1,000,000 we have 30 month's supply of housing.

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. With increased inventory, there are more great homes and deals out there. If you are considering making a move in Ann Arbor or Washtenaw County, contact us today at info@bouma.com or 734-761-3060 and check out the great Buyer Services The Bouma Group offers!

Posted Thursday, May 12, 2011 by Martin Bouma
Tags: Ann Arbor Homes, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, ann arbor market trends

March 2011 Ann Arbor Market Update

Ann Arbor Subdivision Market Update March 2011

Overall, the Ann Arbor school district saw a slight increase in inventory at the end of March, up 6% from February, with all price points seeing an increase in inventory, except the $800k-1M range which is unchanged. The Ann Arbor rental market saw a decrease of 19% in inventory, going from 48 homes to 39 homes for rent, when compared to last month.  

There were 605 homes for sale with 21% under contract at the end of February. By the end of March, that number increased to 639 homes for sale, with 26% under contract. There was an increase in the number of homes going under contract to match the increase in homes being listed. There is currently a 7.5 month supply of housing for the Ann Arbor school district, which has put us into a slight buyer's market. Each price point has seen an increase in the month's supply of homes, with the $100k-$500k market having a month's supply of housing ranging from 6.3 - 7.2 which is considered a balanced market, leaning towards a buyer's market in the $200-$300k range. The $500-$600k market has seen the largest increase of months supply of homes, going from 9.7 to 14.1 in one month's time. The under $100k market is seeing a 4 month's supply of housing, keeping it in a seller's market. Over $1,000,000 we have 23.6 month's supply of housing.

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. As you'll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.

What are prices and sales are doing in your particular Ann Arbor Neighborhood? To learn more contact the real estate experts at The Bouma Group today at 734-761-3060 or info@bouma.com.


Posted Thursday, May 12, 2011 by Martin Bouma
Tags: market update, market update, ann arbor neighborhood, ann arbor subdivision

What Will Ann Arbor Homes Offer in 2015?

Ann Arbor Home of the FutureOver the last few years, the economy has drastically changed and that has had an affect on how everyone views their financial situation. Ann Arbor real estate was affected as well and home buyers have a new fiscal outlook and the ‘bigger is better’ motto has gone by the wayside in lieu of being more conservative. Needs are outweighing wants for home buyers and this may give way to a new type of home building in the future. A new study by the National Association of Home Builders states, 'the lousy economy is the force behind the changing characteristics, features and sizes of homes to come, as well as the reason for the record low numbers of homes being built today’. The report predicts the following changes in homes by 2015:


  • Formal living rooms will be gone. Most homes now have a 'great room' which' typically open to the kitchen, and it has become the gathering place. You will see the living room replaced by a library or study.
  • Less rooms. Useless space will disappear. This includes 4th bedrooms, 3rd bathrooms, formal dining rooms, 2nd master bedroom suites, and media rooms.
  • Green/Eco Homes. Homes in the near future will focus on Energy Star ratings and include low-E windows, water efficiency, and engineered wood.
  • More accommodating for all. New homes will include design and technology to be more elderly, disabled, and child friendly.


We'd love to know what Ann Arbor homeowners think - do you agree with the NAHB’s study? What would you like to see cut from or added to the home designs of the future? We specialize in all types of Washtenaw County real estate and can help you find the perfect home or Ann Arbor condominium. Contact us today at 734-761-3060 or info@bouma.com!



Posted Thursday, May 05, 2011 by Martin Bouma
Tags: ann arbor real estate, Washtenaw County Real Estate, Ann Arbor Homes, Homes of the Future, National Association of Home Builders