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October 2011 Ann Arbor Condo Market Update

The Ann Arbor Condo Market is Balanced

Ann Arbor Condo Statistics October 2011When comparing the end of October to the end of September, there are few changes for the overall Ann Arbor condo market. There was a slight decline in inventory and has reaches it's lowest point in 2011. Right now there are 238 condos listed for sale, down 2% from last month. The number of condos under contract with a buyer also decreased, as well as sales for the past 12 months. The overall condo market remains in a balanced market with a 5.7 month supply of condos. Although most price points are in a buyer's market, condos listed for $200k or less are in a seller's market and that's where the majority of the sales are.

The $400-500k range had the biggest change and there was an increase of 20% in the months supply of condos when compared to the previous month. There were 4 closings in this price range in September, while in October there were only 2 with no new units listed. This increase puts this price range back into a solid buyer's market. The $300-$400 range is still in a balanced market. The $500k-$1M price point gained 1 new listing and over $1M things have remained unchanged with no sales and no new listings.

In the real estate market, if there is less than a 5 month 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. The under $100k market remains in a seller's market, with the $100k-200k and $300k-400k in a balanced market. All other price points are in a buyer's market.

Ann Arbor condo rentals were basically unchanged in inventory, while sales for the past 12 months decreased by 8 units. It continues to be very strong, as sellers are choosing to rent their units, and the month’s supply is at 1.3.

With Ann Arbor condo inventory is at the lowest point of the year, prices are less competitive. That, combined with historically low interest rates which allow condo buyers to get even more for their money, this a great time to purchase a downtown Ann Arbor loft, a Pittsfield Township condo, or a campus rental unit. For more information contact us today at 734-761-3060 or

Posted Monday, November 21, 2011 by Martin Bouma
Tags: ann arbor condos for sale, Ann Arbor Condos, Ann Arbor Condominiums, ann arbor condo rentals, Ann Arbor Condos for Rent, Ann Arbor Condo Market Update, Ann Arbor Condo Market Statistics