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April 2011 Ann Arbor Condo Market Update

Ann Arbor Condo Market Statistics

The Ann Arbor condominium market has entered a buyer's market with an 8.2 months supply of condos, but has only added 5 units to its inventory, when compared to this time last month. While condos sold in the last 12 months has decreased a bit, the number of homes under contract has increased by 37%, which is an indication that the condo market is really picking up. We will see the number of condo sales increase as the units that went under contract close over the next 30-60 days. The market is still balanced in the under $100k price range, with a 6.9 month supply of condos. The $100-200k is in a slight buyer's market with a 7.3 months suppy and is highly active with the number of homes under contract at 53%. The $300-400k and $400-500k market have remained basically unchanged over the last month. It is a total buyer's market once you get into the over $500k market, and only 4 units have sold in the last year, with 0 closing over the $1M mark. The Ann Arbor rental market remains strong, with a 2 months supply, as sellers are choosing to rent their units and are very successful with this.

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.

Spring is here, inventory is still relatively low, and units are selling – now is the perfect time to get your condo listed for sale! To find out more about the market in your complex and what your condo is worth, contact us today at 734-761-3060 or info@bouma.com. We'd love to talk with you about your Ann Arbor condominium!


Posted Sunday, May 15, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, Market Statistics, ann arbor school district