Traverse City Weekly Market Statistsics for Home Sales - August 25, 2011

As summer ends we enter the fall selling season. Historically late September and October have generated some of the highest numbers for closed sales and this year should be a good one with the low rates. The market continues to struggle with up and down swings, however the overall trend is clearly improving. There is a strong possibility of inflation taking hold next year putting upward pressure on values making now an ideal time to consider a purchase. Have a great Labor Day weekend!!!

219        New Listings

61           Sold Listings 

Sales By Classification

51 Residential $14,900 to $1,237,656 Median $133,500 Mean $202,972

9   Vacant Land $17,000 to $265,000 Median $43,000 Mean $82,666

1   Commercial $1,000 (Lease) 

Sales by Location

5   Antrim County

4   Benzie County

               28 Grand Traverse County

7   Kalkaska County

12 Leelanau County

3   Wexford County

2   Outside Areas

 Expired Listings              78

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

Off Water Homes All Values

Current Listings                             869

Sales                                    8/09-8/10   913    8/10-8/11  780

Average DOM                  150 or 5.0 Months

Value Direction               Up 3.8%

Market Activity                             Down 14.5%

Inventory Supply             13.4 Months

Direct Water Homes All Values

               Current Listings                             314

Sales                                    8/09-8/10   114   8/10-8/11 121

Average DOM                 205 or  6.8 Months

               Value Direction               Up 5.1%

               Market Activity               Up 6.1%

               Inventory Supply             31.2 Months 

The market slowed to 61 sales from 88 last week.