March 2011 Ann Arbor Market Update

Ann Arbor Subdivision Market Update March 2011

Overall, the Ann Arbor school district saw a slight increase in inventory at the end of March, up 6% from February, with all price points seeing an increase in inventory, except the $800k-1M range which is unchanged. The Ann Arbor rental market saw a decrease of 19% in inventory, going from 48 homes to 39 homes for rent, when compared to last month.  

There were 605 homes for sale with 21% under contract at the end of February. By the end of March, that number increased to 639 homes for sale, with 26% under contract. There was an increase in the number of homes going under contract to match the increase in homes being listed. There is currently a 7.5 month supply of housing for the Ann Arbor school district, which has put us into a slight buyer's market. Each price point has seen an increase in the month's supply of homes, with the $100k-$500k market having a month's supply of housing ranging from 6.3 - 7.2 which is considered a balanced market, leaning towards a buyer's market in the $200-$300k range. The $500-$600k market has seen the largest increase of months supply of homes, going from 9.7 to 14.1 in one month's time. The under $100k market is seeing a 4 month's supply of housing, keeping it in a seller's market. Over $1,000,000 we have 23.6 month's supply of housing.

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. As you'll notice from the stats below, prices appear to have stabilized under 400K, however, there is still downward pressure on prices once you get above 400K.

What are prices and sales are doing in your particular Ann Arbor Neighborhood? To learn more contact the real estate experts at The Bouma Group today at 734-761-3060 or info@bouma.com.


Posted Thursday, May 12, 2011 by Martin Bouma
Tags: market update, market update, ann arbor neighborhood, ann arbor subdivision