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

July 2011 Ann Arbor Market Update

Ann Arbor Market Statistics July 2011

When comparing the end of July to the end of June, there has been a huge decrease in homes for sale for the overall Ann Arbor school district real estate market. Sales for the past 12 months increased from 952 to 997 homes sold, an increase of 5%, while the number of homes listed for sale dropped by 10%, and the number of homes under contract decreased by a large 27%. Inventory decreased in all price points, except for the $700-800k range which remained the same. We're seeing this big change due to the large number of homes that went under contract in the late spring/early summer that have now closed in July, combined with limited new inventory on the market. This trend will most likely continue throughout the next month or so, as the homes under contract close.

The months supply of homes has decreased by 13% for the entire Ann Arbor real estate market, when compared to last month, and is still considered a buyer's market at 8.4. Most price points under $700k have seen large decreases in the months supply of homes with the $600-700k seeing the largest drop of 38%. The $400k-500k saw a slight increase of 4% in the months supply and over $800k, the supply has also increased in all price points. There is a 31.3 months supply for homes over $1M, which means it would take 31.3 months for all of the current inventory to sell. With the exception of the under $100k market, all price points continue to be in a buyer's market, but are now closer to a balanced market with the majority in the 7's.

The rental market actually saw an increase in inventory, with the number of rentals under contract decreasing by 36%.The rental market is still strong, with a 2.7 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. If you are considering making a move in Ann Arbor or Washtenaw County, view the unparalleled Buyer Services we offer and check out Ann Arbor Subdivisions! Contact us today at info@bouma.com or 734-761-3060.

Posted Monday, August 08, 2011 by Martin Bouma
Tags: Ann Arbor Homes, Ann Arbor Home Buyer, ann arbor school district, ann arbor real estate market update, ann arbor real estate trends, Ann Arbor Subdivision Hotline