As more buyers are looking to move downtown, the Ann Arbor condo market is facing a lack of inventory and record-setting sale prices.
Twenty-three condominiums are listed for sale in the downtown Ann Arbor area, with five of those properties under contract, according to data from Ann Arbor’s multiple listing service.
Downtown condos range from the Tower Plaza building on East William Street — where units are listed from $134,800 to $259,000 — to a high-end loft on South Main Street listed for $1.725 million.
The demand is highest for high-end and newer units, and only a handful of those properties are available. Recent sales data shows some downtown condos are selling at record prices. The average sale price of condos in all of Washtenaw County last year was $248,601, up from $210,616 in 2012, according to the Ann Arbor Area Board of Realtors.
The rise in demand is causing some downtown property owners to explore options for constructing condominiums atop their existing buildings. The owners of the Running Fit building at 121-123 E. Liberty St. proposed an addition that would include six housing units. Just around the corner, the new owners of the building at 210-216 S. Fourth Ave. want to add roughly 30 condos or apartments as part of a redevelopment of the property.