September 2011 Ann Arbor Condo Market Update

It's A Great Time to Purchase an Ann Arbor Condo!

The fall real estate market is here and we are seeing things level out for Ann Arbor condos overall. Condo inventory dropped even farther in September and is now at its lowest point for 2011. There are currently 243 units listed for sale, which is down 11% when compared to the end of August. We saw a high of 341 condos listed for sale at the end of April, which is a reduction of 29% when compared to the end of September. The number of condos under contract decreased slightly, while sales for the past 12 months increased slightly. With a 5.6 month supply of condos available, we continue to be in a balanced market.

Ann Arbor Condo Market Statisticsq

The $400-500k range has seen the biggest change, having 4 condos close in September and only 1 new condo listed. This dramatically affected the months supply of homes, which dropped 40% to 7.1, putting this price range almost into a balanced market. The $500k-$1M price point had big changes in August, but in September has seen no change at all. The $1M mark lost 1 listing due to it expiring and not being relisted, otherwise things have remained unchanged with no sales and no new condos coming to the market.

In the real estate market, if there is less than a 5 month 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 under $100k market is still in a seller's market, with the $100k-200k and $300k-400k in a balanced market, and the remaining price ranges in a buyer's market.

The Ann Arbor rental market also saw another large decrease in inventory, 21%, and the number of rentals under contract dropped by 22%. It continues to be very strong, as sellers are choosing to rent their units, and the month’s supply is at a very low 1.5.

Now is a great time to get your Ann Arbor condo listed for sale! Inventory is at the lowest point of the year and interest rates are at historic lows allowing condo buyers to get even more for their money. To learn more about condo values in Ann Arbor or about the excellent opportunities available to purchase a condo for yourself or as an income property, contact us today at 734-761-3060 or info@bouma.com. We'd love to talk with you about your Ann Arbor condominium!

Posted Friday, October 21, 2011 by Martin Bouma
Tags: ann arbor condos for sale, market update, Ann Arbor Condos, Ann Arbor Condominiums, Market Statistics, ann arbor condo rentals, Ann Arbor Condos for Rent

September 2011 Ann Arbor Market Update

Ann Arbor Subdivision Market Stats

Inventory for the overall Ann Arbor school district is still declining, when comparing the end of August to the end of September. The number of Ann Arbor homes listed for sale has dropped by 8.2%, and when compared to the high of 789 homes listed in May25%. The number of homes under contract declined by 6%, while sales for the past 12 months increased by 4.5%. Homes that went under contract during the summer months have mostly closed, with not a lot new homes listed, so most price points saw a decline in inventory.  However, we did see raised inventory in the under $100k market, which went up 14%, and the over $1M mark, which increased slightly with 1 new listing. The trend of decreasing inventory with increased sales that we've been seeing, is balancing out. Sales for the past 12 months, in most price points, has stayed fairly steady when compared to last month.

The months supply of homes for the entire Ann Arbor real estate market is at 6.8, a decrease of 11%, and is now considered a balanced market for the first time since February 2011. The under $100k and over $1M price ranges have seen increases in the months supply, along with increased inventory, while all other price points have had decreases in the months supply of homes. Over 1M we have a 30 months supply of housing available, which means it would take 30 months for all of the current inventory to sell with no new homes coming to the market. A balanced market continues for all price ranges between $200k-$400k and now includes the $700-800k range, as sales stay up and inventory is down. The under $100 market continues to be in a seller’s market and the remaining markets are still in a buyer’s market.

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 Ann Arbor rental market remains basically unchanged when compared to the end of last month and is strong with a 2.5 months supply, as sellers are choosing to rent their homes and wait for their market to fully recover.

If you haven't already made that Ann Arbor Home purchase, now is the perfect time! Interest rates are even lower than they were last month, increasing your buying power, and there are great home prices out there. The Bouma Group real estate experts know the market trends, so if you're considering making a move in Ann Arbor or Washtenaw County, contact us today at info@bouma.com or 734-761-3060. Start your search now and get immediate listing and sold information for all Ann Arbor Subdivisions here!

Posted Thursday, October 20, 2011 by Martin Bouma
Tags: Ann Arbor Homes, Ann Arbor Home Buyer, ann arbor subdivision, ann arbor school district, ann arbor real estate market update, Ann Arbor Subdivision Hotline

Ann Arbor Mortgage Rates for October 7, 2011

Mortgage Rates Continue to Fall

Ann Arbor mortgage rates continue to fall and have hit another low! Rates have been down for 6 weeks now and at this lower level for the past 2 weeks. We should continue to have rates in this range through the end of the year, making this a perfect time to make an Ann Arbor home purchase with lower mortgage payments!  Your buying power has increased by $10,000 – $40,000, depending on your purchase price, with these new rates.

Remember that interest rates are subject to change without notice. The rates listed above are average rates and are presented to provide an illustrative perspective. To find out more about the current interest rates and which loan program is best for you, contact Charlie Chapell with United Bank & Trust today at 734-214-2728 or cchapell@ubat.com. If you haven’t already taken advantage of the low interest rates combined with low home prices, now is the best time! To search for that perfect Ann Arbor real estate, visit our Ann Arbor MLS site here!



Posted Saturday, October 08, 2011 by Martin Bouma
Tags: ann arbor real estate, Ann Arbor Homes, Ann Arbor Condos, ann arbor mortgage interest rates