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May 2011 Ann Arbor Condo Real Estate Update

Ann Arbor Condo Stats

At the end of May, inventory for the overall Ann Arbor condo market has dropped and is down 3% when compared to April. With an overall 8 months supply of condos, it continues to be in a buyer's market. 33% of units listed for sale are under contract with a buyer, which is down from 39% at the end of April. Sales have also slightly decreased for the past 12 months. For the first time this year, the under $100k market has entered a buyer's market, while the $100-200k is in a balanced market with a 6.8 months supply. It is an active price range with the number of condos under contract at 41%. The $300-400k and $400-500k markets have remained basically unchanged over the last month. Once you get into the over $500k market, it is a complete buyer’s market with only 4 units selling in the last year and 0 over the $1M mark. The Ann Arbor rental market is very strong, as sellers are choosing to rent their units and are very successful with this. The month’s supply is at a very low 2.6.

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.

Are you thinking of buying or selling an Ann Arbor Condo? Have you considered a condo as an investment property? There are so many great deals out there and condo rentals are at an all time high! If you'd like to find out more about condo values or condos as investment properties, contact The Bouma Group today at 734-761-3060 or info@bouma.com - we specialize in Ann Arbor condos!

Posted Tuesday, June 14, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Ann Arbor Condominiums, ann arbor school district, Ann Arbor Condo Statistics