May 2011 Ann Arbor Condo Real Estate Update

Ann Arbor Condo Stats

At the end of May, inventory for the overall Ann Arbor condo market has dropped and is down 3% when compared to April. With an overall 8 months supply of condos, it continues to be in a buyer's market. 33% of units listed for sale are under contract with a buyer, which is down from 39% at the end of April. Sales have also slightly decreased for the past 12 months. For the first time this year, the under $100k market has entered a buyer's market, while the $100-200k is in a balanced market with a 6.8 months supply. It is an active price range with the number of condos under contract at 41%. The $300-400k and $400-500k markets have remained basically unchanged over the last month. Once you get into the over $500k market, it is a complete buyer’s market with only 4 units selling in the last year and 0 over the $1M mark. 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 2.6.

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.

Are you thinking of buying or selling an Ann Arbor Condo? Have you considered a condo as an investment property? There are so many great deals out there and condo rentals are at an all time high! If you'd like to find out more about condo values or condos as investment properties, contact The Bouma Group today at 734-761-3060 or info@bouma.com - we specialize in Ann Arbor condos!

Posted Tuesday, June 14, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, ann arbor school district, Ann Arbor Condo Statistics

May 2011 Ann Arbor Market Update

Ann Arbor Homes Market Update

Residential housing inventory is up by 5%, when comparing May to April, for the overall Ann Arbor school district. The only price ranges that saw a decrease in inventory was the $300k-400k market, which saw a decrease of 1 unit and the $700k-$800K range, which saw a decrease of 25%. There were 751 homes for sale, at the end of April, with 29% under contract. That number rose to 789 homes for sale, by the end of May, with 31.3% under contract. So Ann Arbor experienced an increase in the number of homes going under contract with a buyer, along with an increase in inventory. In the chart above, you will see that the number of homes sold in the past 12 months has decreased, which is normal for this time of year, coming out of late winter and the slowest time for real estate. 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.

As a whole, the Ann Arbor school district is in a buyer's market with a 9.7 month supply of housing. There has been an increase in the month's supply of homes for most price points, noting that the $300-$400k market has actually seen a decrease of 5%. This is due to inventory remaining virtually the same and it balancing out from the large increase it saw last month when it went from a 6.3 to a 9.9 months supply in just 1 month. 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 30 month's supply of housing. The rental market remains strong, with a 2.3 months supply, as sellers are choosing to rent their homes and wait for their market to fully recover.

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. There are still many 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, search for Ann Arbor homes on our website, and check out all of the great real estate services The Bouma Group offers!

Posted Saturday, June 11, 2011 by Martin Bouma
Tags: Ann Arbor Homes, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, ann arbor real estate trends

Ann Arbor Restaurant Week Returns!

Grange Restaurant Downtown Ann Arbor

Ann Arbor Restaurants Show Off Their Best!

The second week of the annual Ann Arbor Restaurant Week will be here June 12-17 and we sure can't wait. This is the time of year for chefs at local restaurants to show off their skills as participating restaurants offer fixed price lunch and dinner specials throughout the whole week. Lunches are $12 and 3 course dinners are $25. Many restaurants will also be offering 2 for 1 deals as well.

*denotes a new participant

So come on out and try that new Ann Arbor restaurant you've been hearing about or visit your old favorite! After spending the day looking for Ann Arbor Condos with a member of The Bouma Group, hit up one of these great eateries for a fine meal at a discounted price. To see which restaurants offer the 2 for 1 specials and to view a menu for each place, visit the Ann Arbor Restaurant Week’s website.



Posted Tuesday, June 07, 2011 by Martin Bouma
Tags: Ann Arbor Condos, Ann Arbor Restaurant Week, Downtown Ann Arbor Restaurants