Traverse City - Weekly Market Statistics - June 24, 2012

Our real estate market here in Traverse City broke a record this past week with 100 closed transactions. WOW. Thank you to Bob Reamer with Set Point Property Tax Consultants for keeping us up to date.



Weekly Market Statistics

06/18/2012 thru 06/24/2012

202 New Listings
103 Sold Listings

Sales By Classification
79 Residential $18,000 to $1,200,000 Median $145,000 Mean $190,297
15 Vacant Land $1,250 to $192,000 Median $45,000 Mean $61,620
9 Commercial $750 (Lease) to $175,000

Sales by Location
13 Antrim County
12 Benzie County
52 Grand Traverse County
10 Kalkaska County
10 Leelanau County
1 Wexford County
5 Outside Areas

Expired Listings 90

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

Off Water Homes All Values
Current Listings 748
Sales 06/10-06/11 802 06/11-06/12 878
Average DOM 159 or 5.3 Months
Value Direction Up 2.6%
Market Activity Up 9.4%
Inventory Supply 10.2 Months

Direct Water Homes All Values
Current Listings 250
Sales 06/10-06/11 114 06/11-06/12 166
Average DOM 220 or 7.3 Months
Value Direction Up 16.7%
Market Activity Up 45.6%
Inventory Supply 18.1 Months

Closed sales last week topped 100 transactions for the first time in several years. As anticipated the market continues to heat up, inventory is drying up putting pressure in the market and causing prices to rise for the first time since 2005-2006. We have seen several transactions in the last 30 days with multiple offers on properties, ultimately selling for more than list price. That is certainly not the norm, but in segments of the market with limited inventory buyer demand is pushing prices up. Buyers on the fence need to jump off now and execute that purchase as all indications are for rising prices over the next few months.