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Downtown Ann Arbor Condo Prices

Downtown Ann Arbor Condo Values

There are more than 20 different downtown Ann Arbor Condo communities and each offers a different style and experience for a variety of buyers. Values have decreased over the last few years, but like Ann Arbor homes, prices seem to be increasing. 2009 was the lowest year for number of units sold, average sales price, and price per square foot, however, in 2010 we saw an increase of 71% in number of units sold, an increase of 11% in average sales price, and an increase of 5% in average price per square foot. So far in 2011, 15 condos have sold with an average sales price of $294,469 and average price per square foot of $229.35. The highest selling condo price was $540,000, $261.88/square foot, for an Ashley Mews brownstone with 2466 total square feet, 3 bedrooms and 2.1 baths. The lowest priced unit that has sold was a studio-style Riverhouse condo that closed for $67,000, $146.29/square foot, and had 458 square feet with 1 full bath.

Many condominium owners are waiting for values to fully recover and are deciding to rent out their units instead of selling. In the graph above, you will see that the number of units rented has steadily increased since 2006 and the average rental price has decreased. So far this year, 16 units have rented with an average price of $1563.

Here at The Bouma Group, we will be keeping a close eye on the downtown condo market as it continues to recover. Check back here frequently for Ann Arbor condo market updates and well as instant listing and sold information for all Ann Arbor condominium communities. And for Ann Arbor Subdivision information, be sure to visit the Subdivision Hotline!

Posted Friday, May 20, 2011 by Martin Bouma
Tags: downtown ann arbor condos, downtown ann arbor condo prices, ann arbor condo rentals, ann arbor condo sales