Call: 734.761.3060

March 2011 Ann Arbor Condo Market Update

When comparing March to February, the Ann Arbor Condo market is seeing increased inventory and is slipping towards a buyer's market with a 7.8 month’s supply of condos. While sales for the past 12 months have decreased a bit, inventory has gone up by 19%. The under $100k market is still considered a balanced market, with a 6.5 month supply of condos, but the $100-200k and $200-300k price points have all seen decreased sales with increased inventory. The $300-400k price range has actually seen a decrease in inventory and month's supply and remaining unchanged is the $400-500k market. Once you get into the over $500k market, it is a complete buyer’s market with only 5 units selling in this price range in the last year and 0 over the $1M mark. The rental market is very strong for Ann Arbor condominiums and has a month's supply of 2.



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.

This is the perfect time to purchase an Ann Arbor condo! There is a great selection of units, many great deals out there, and interest rates are still at historic levels. To get instant new listing information, contact us today at 734-761-3060 or info@bouma.com. If you are thinking of selling your condo, let us tell you what your condo is worth in today's market. We look forward to hearing from you!

Posted Thursday, April 21, 2011 by Martin Bouma
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