February 2017 Ann Arbor Condo Market Update



As we are closing in on the Spring condo market, Ann Arbor is in desperate need of listings! At the end of February, there were 143 units for sale, compared with 153 in 2016, and 160 in 2015. Ann Arbor condos are selling faster than ever with the average days on the market dropping from 45 in 2016 to 33 this year. The number of units sold year-to-date has decreased a bit, with 64 condos sold compared with 69 this time last year. This is most likely attributed to less condos available for purchase. We generally see inventory begin to pick up in March and April as the weather warms up. Once you get over the $500,000 price point, inventory is greater. Over $1,00,000, there are 8 condos for sale - 6 of them new construction in downtown Ann Arbor - and only 1 unit is under contract with a buyer.

It is currently a strong seller's market with a 2.2 month supply of condos for sale. As a condo seller, this generally means quicker sales and higher prices. For more information on these statistics, or to find out specific values for your complex, contact the condo experts at The Bouma Group at 734-761-3060 or email info@bouma.com. And be sure to visit our Ann Arbor Real Estate website where you can view market data, search for downtown Ann Arbor Condos, and see our current listings!

Posted Thursday, March 23, 2017 by Martin Bouma
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