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April 2017 Ann Arbor Condo Market Update



The spring real estate market has been good for Ann Arbor Condos despite a lull in new listings. This time last year there were 251 condos listed for sale compared with this year's 213. Sales are up slightly, going from 230 to 238 and the average days on the market is down to 35 from 44 last April. The most notable change is the average sale price, which has risen 10.5%, from $168,950 to $186,750. It continues to be a seller's market with a 3.2 month supply of condos available.

This significant increase in the average sale price is due to supply and demand. Prices are driven upward when inventory is low and there are multiple buyers making offers on the same property. This is a great time for condo sellers! If you've been considering selling your unit, contact us at The Bouma Group at 734-761-3060 or email info@bouma.com and we can discuss what your condo is worth today. Are you looking to purchase an Ann Arbor condo? Start your search here!Save

Posted Wednesday, May 24, 2017 by Martin Bouma
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February 2017 Ann Arbor Condo Market Update



As we are closing in on the Spring condo market, Ann Arbor is in desperate need of listings! At the end of February, there were 143 units for sale, compared with 153 in 2016, and 160 in 2015. Ann Arbor condos are selling faster than ever with the average days on the market dropping from 45 in 2016 to 33 this year. The number of units sold year-to-date has decreased a bit, with 64 condos sold compared with 69 this time last year. This is most likely attributed to less condos available for purchase. We generally see inventory begin to pick up in March and April as the weather warms up. Once you get over the $500,000 price point, inventory is greater. Over $1,00,000, there are 8 condos for sale - 6 of them new construction in downtown Ann Arbor - and only 1 unit is under contract with a buyer.

It is currently a strong seller's market with a 2.2 month supply of condos for sale. As a condo seller, this generally means quicker sales and higher prices. For more information on these statistics, or to find out specific values for your complex, contact the condo experts at The Bouma Group at 734-761-3060 or email info@bouma.com. And be sure to visit our Ann Arbor Real Estate website where you can view market data, search for downtown Ann Arbor Condos, and see our current listings!

Posted Thursday, March 23, 2017 by Martin Bouma
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Decmeber 2016 Ann Arbor Condo Market Update

Ann Arbor Condo Market Statistics for December 2016

Everything is looking UP for Ann Arbor Condos! According to the Ann Arbor Area Board of Realtors, in 2016 the number of new listings that came to the market increased from 720 to 771, up 7%. The number of listings sold for the year also increased by 7%, and the average sale price increased by 10.55%, coming in at $228,524 from $206,702 in 2015. The number of days on the market decreased from 34 days to 29 days. The numbers for just the month of December 2016, when compared with the previous December, are fairly similar with the exception of the number of condos sold, which was down slightly- 32 from 36 in 2015.

This is a great time for Ann Arbor condo sellers and buyers alike! With more inventory coming to the market, there are more condos for buyers to choose from. And while prices are increasing, mortgage rates are still historically low, giving buyers more purchase power than they had even 5 years ago. For condo sellers, increasing value is giving homeowners more equity than they've ever had in their units, making it possible for higher profits when selling. For more information on the Ann Arbor condo market, or what is happening with values in a certain complex, contact us at The Bouma Group. We've been the top seller of condos in Ann Arbor for more than 30 years and know this market better than anyone! Call 734-761-3060 or email us at info@bouma.com today!

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Posted Monday, January 30, 2017 by Martin Bouma
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October 2016 Market Update for Ann Arbor Condos

Ann Arbor Condo Market Statistics for October 2016

Ann Arbor Condos in the higher price ranges have been selling fairly quickly this year. In the $500,000-$1,000,000 price range, of the 13 condos listed for sale, 7 are new construction and 6 of those are under contract with a buyer. Typically the higher price points are slower to sell, but there have been 23 sales year-to-date and it is a balanced market with a 6.8 month supply. The overall condo market is faring well, with 585 units selling year-to-date, compared with 546 this time last year. The average sale price has increased 10% to $225,800. It remains a seller's market with a 2.5 month supply of condo listings.

Values continue to increase and fall is still a great time to get your condo listed for sale! Don't wait for the spring market and increased inventory, call us at 734-761-3060 or email info@bouma.com for an analysis of what your condo is worth. Looking to purchase? View Ann Arbor condo complexes here!

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Posted Friday, November 18, 2016 by Martin Bouma
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September 2016 Market Update for Ann Arbor Condos

Ann Arbor Condo Statistics for October 2016Save
Buyer demand is extremely high for Ann Arbor Condos right now and the lack of inventory is driving quick sales up. When comparing this September with last September, the number of condos sold increased from 43 to 62 and the number of days on the market decreased from 50 to 22, according to the Ann Arbor Area Board of Realtors. The number of units listed during September decreased, leaving many buyers still on the lookout for the perfect condo. It remains a strong seller's market with a 2.7 month supply of condos listed for sale.

Condo sales don't revolve around the school year, as many neighborhood homes do. With high demand and fewer units on the market, now is a great time to get your condo listed for sale! Wondering what your condo could sell for today? Contact us at The Bouma Group, Realtors at 734-761-3060 or email info@bouma.com and we can talk about it. View a list of all Ann Arbor Condo complexes to see photos, amenities, statistics, condos for sale and more!



Posted Wednesday, October 19, 2016 by Martin Bouma
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