Real Estate Market Conditions for February 2011.
Gladwin County is located in rural Northern Michigan and is conveniently located within 3 hours of Detroit and 2-2.5 hours of Flint and Lansing making it easy to come "Up North" for the weekend. But, we encourage you to stay longer. After visiting Gladwin you will want to spend much more time here! Gladwin, Michigan is an area popular for its scenic lakes (including Wixom Lake and Secord Lake), plentiful state land, quaint parks, Amish communities and down town shopping. Gladwin is primarily a second home/resort community due to the amount of waterfront homes. Gladwin, Michigan has real estate to accommodate every buyer from very affordable cabins to luxurious homes. As a life long resident of Gladwin County I know the area well and the real estate market even better!
1125 Chatterton Gladwin, Michigan 48624
MLS# 154421
$94,000
1222 Kerth Court Gladwin Michigan
MLS #154800
$74,500
The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging, but appear to be stable! A stagnant economy and a lack of qualified buyers remains, however, if you are interested in buying your first home or your vacation home, it is a fabulous time to buy! Interest rates are low for qualified buyers, there is a lot of inventory to choose from, and homes are more affordable then they have been in years! Buyers: this time of year there are less buyers in the market, but still good inventory. Pair this with good prices and less competition from other buyers and it is a good time to be looking. Sellers it is also a good time to have your home on the market because serious buyers do look in the winter and spring is right around the corner!. Homes priced right, that show well sell all year long!
Here are the latest real estate market conditions for Gladwin, Michigan and the surrounding areas of Beaverton, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake. February was a fairly typical quite month in he off season and my personal observations show me a stable market with buyers looking but not making purchasing decisions quite yet. I currently have 5 pending sales as we move forward into the month of March.
The Clare/Gladwin Board of Realtors currently has 818 homes for sale through the Multiple Listing Service (MLS) and 63 of those were new to the market in February 2011. The number of new listings is up by 11 listings. Our inventory is still down by about 300-400 listings from last year at this time! The average asking price of the homes currently on the market is $116,348 and the average days on market for those homes has been 347 days. These stats are only slightly different than the last 18 months clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $6,490 - $2,400,000.
During the month of February we saw 26 homes sell/close in Gladwin, Michigan. This is 13 less than in January. The average asking price was $110,352. The average sales price was $97,276 and the average days on market for these homes was 273 days. The sellers received an average of 88% of their asking price. The average days on market is 30 days more than last month.
38 homes expired from the market unsold in February in Gladwin.The main reason homes don't sell during their listing period is that they were priced incorrectly for the real estate market conditions and or condition of the home. In any market it is imperative that a listing be priced as competitively as possible for its condition in order to have the best chance of selling. To learn more about why homes expire from the market visit this link to a page on my website. If you're thinking about selling your Gladwin area home one very important fact to know about your real estate market conditions is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Gladwin, Michigan to be absorbed by the market if no other homes come on the market. The absorption rate for February 2011 is 2.6 years! This is a bit higher than last month due to seasonally lower sales in February. If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.
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