February 2011 Ann Arbor Condo Market Update

In the Ann Arbor school district, there is a 6.4 month’s supply of condos which is considered a balanced market. Ann Arbor condos under $300k are in a seller’s market, especially condos priced between $100-200k where we are seeing a 5.1 month’s supply. The $200k-$300k price point has entered the balanced market with a 6.8 month’s supply. Condominiums over $500k are in a complete buyer’s market with only 5 units selling in this price range in the last year with 0 over the $1M mark. The rental market is still very strong and the month’s supply is at a low 2.

Inventory has increased by only 4%, when comparing to that of January. But for the first 2 months of 2011, Ann Arbor condo listings are down by 32.7% when compared to the same in 2010. Now is a great time to sell a condo - spring is right around the corner, inventory is very low, and interest rates are still at historic levels.

Ann Arbor Condo Statistics Feb 2011

In the real estate market, if there is less than a 5 month’s supply of condos on the market, you are in a seller's market. A 5-7 month supply of condos is a balanced market. Anything over 7 months is a buyer's market.

Buyers are still looking for the best deal to be found and condos have to be in excellent condition and priced competitively in order to sell. If you’re thinking of selling your Washtenaw County condo and want to know what it’s worth in today’s market, give us a call at 734-761-3060 or email us at info@bouma.com, we’d love to talk with you!



Posted Friday, March 18, 2011 by Martin Bouma
Tags: market update, Ann Arbor Condos, Market Statistics, Washtenaw County Condos