Mortgage and Lending News

Northern Michigan Market Conditions

January 27th, 2014

 

Northern Michigan Housing Markets are a little slow with 58 sales, pending transactions also declined slightly. Historically it is mid February before we start to see the market pick up and this may be one of those years. The weather has not been friendly to real estate activity. Inventory supplies continue to contract offering a great opportunity for sellers to beat the spring rush by offering their property for sale now while competition is light.

 

Rates - are still good and generally still in the 4's HOWEVER rates are projected to push upwards this year as the economy strengthens!  Dont wait to buy rates will increase!

 

Have a great week and stay warm.....

 

 

Weekly Market Statistics

 

       01/13/2014 thru 01/19/2014

114 New Listings
58   Closed Sales
228 Pending 

 

Sales By Classification

42  Residential $20,000 to $538,500  Median $177,500 Mean $195,992

13  Vacant Land $18,500 to $725,000 Median $189,000 Mean $189,326

 3   Commercial $13 SF Lease to $170,000

  

Sales by Location

03 Antrim County

08 Benzie County

31 Grand Traverse County

06 Kalkaska County

10 Leelanau County

00 Wexford County

 

Expired Listings   52

 

Year over Year Comparison for Grand Traverse County on & off water homes

 

Off Water Homes All Values 

 Current Listings        512

 Sales                         01/13 to 01/14  1,096  01/12 to 01/13  1,031

 Average DOM            127 or 4.2 Months

 Value Direction          Up 10.8%

         Market Activity           Up 6.3%

 Inventory Supply        5.6 Months

 

Direct Water Homes All Values

 Current Listings       148

 Sales                        01/13 to 01/14  142  01/12 to 01/13  186

 Average DOM           193 or 6.4 Months

         Value Direction        Up 5.4%

         Market Activity         Down 23.7%

         Inventory Supply      12.5 Months  

 

Respectfully,

Robert J. Reamer 

Real Estate Expert Since 1978

Certified General Appraiser

 

Phone:     231.649.0877

Fax:           231.333.5078

Email:       bob@teamreamer.com

Website: www.RobertJReamer.com

 

Real Estate Appraisal Services, Property Tax Appeal, Real Estate Consulting

 

 

 

Robert J Reamer | Real Estate Expert Since 1978 | 2678 Danbury Rd | Kingsley | MI | 49649

 

Randy Brown (NMLS# 179424)
Nicki Klama (NMLS# 1600896)
Christi Cronk (NMLS# 1403476)
Dave Crater (NMLS#1450363)


Versatile Mortgage LLC (NMLS# 179163)
Phone: 231-946-2202 | Fax: 231-946-5988
810 S Garfield Ave Ste A ,
Traverse City, Michigan 49686

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