Mortgage and Lending News

Northern Michigan Strong Home Sales w/ Declining Inventory

December 5th, 2012

 

 
 

 

 

Weekly Market Statistics

 

       11/26/2012 thru 12/02/2012

119 New Listings

        97   Sold Listings

256  Pending

 

Sales By Classification

74 Residential $18,000 to $1,235,000 Median $142,750 Mean $174,953

20 Vacant Land $5,300 to $401,000 Median $36,500 Mean $63,652

3   Commercial $48,500 $192,000

 

Sales by Location

19 Antrim County

10 Benzie County

38 Grand Traverse County

10 Kalkaska County

15 Leelanau County

04 Wexford County

01 Outside Areas

 

Expired Listings    181

 

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

 

Off Water Homes All Values 

 Current Listings        587

 Sales                         12/10-12/11  822  12/11-12/12  938

 Average DOM            144 or 4.8 Months

 Value Direction          Up 6.7%

 Market Activity           Up 14.1% 

 Inventory Supply        7.5 Months

 

Direct Water Homes All Values

 Current Listings       189

 Sales                         12/10-12/11  136  12/11-12/12  169

 Average DOM           209 or 7.0 Months

         Value Direction         Up 8.2%

         Market Activity          Up 24.3%

         Inventory Supply      13.4 Months  

Northern Michigan saw a very strong week with just under 100 sales. There was also a noticeable drop in active listings. With tight inventories in some market segments and strong demand, sellers have a great opportunity this winter. Typically there is a significant decline in market activity along with a drop in inventory, we are seeing the drop in inventory, however demand has remained strong creating a bit of an opportunity for sellers.

 

Have a great week and enjoy the warm weather, winter is not far behind!!

 

Sincerely,
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.setpointptc.com

 

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

 
 

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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