Weekly Market Update - August 14, 2011

Market activity was down from last week with 52 sales reported vs 66 the week before. The market remains somewhat of a roller coaster, demand seems to be rising with values in many segments starting to stabilize. Inventory levels have remained stable, while over supplied at least they are not growing. The mortgage business has definitely picked up with more refi activity on falling interest rates and will likely help spur buyers who are on the fence.  Have a great week, perfect weather 80 during the day and 60’s at night.

Weekly Market Statistics

08/08/11 thru 08/14/2011 from the TAAR MLS 

224        New Listings

54           Sold Listings

Sales By Classification

46 Residential $16,000 to $1,250,000 Median $172,850 Mean $228,162

6   Vacant Land $18,900 to $285,000 Median $50,500 Mean $93,466

2   Commercial $115,000 and $172,500

Sales by Location

6   Antrim County

11 Benzie County

               23 Grand Traverse County

5   Kalkaska County

8   Leelanau County

0   Wexford County

1   Outside Areas 

 Expired Listings              119

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

Off Water Homes All Values

Current Listings                             871

Sales                                    8/09-8/10   913    8/10-8/11  741

Average DOM                  151 or 5.0 Months

Value Direction               Up 3.5%

Market Activity                             Down 18.8%

Inventory Supply             14.1 Months 

Direct Water Homes All Values

               Current Listings                             315

Sales                                    8/09-8/10   114   8/10-8/11 115

Average DOM                 202 or  6.7 Months

               Value Direction               Up 6.4%

               Market Activity                             Even

               Inventory Supply             32.8 Months

Sale activity down from last week.