Every week, Bob Reamer ~ Certified General Appraiser gives us a fabulous market update that I will pass on to you. This week was another strong week. We are seeing huge activity in our homes priced at $165,000 and love with more than half of our sales in this area.
Weekly Market Statistics
06/25/2012 thru 07/01/2012
192 New Listings
73 Sold Listings
258 Pending
Sales By Classification
60 Residential $14,000 to $825,000 Median $155,000 Mean $173,680
11 Vacant Land $7,000 to $25,463 Median $19,200 Mean $25,463
2 Commercial $250,000 to $630,000
Sales by Location
10 Antrim County
8 Benzie County
38 Grand Traverse County
4 Kalkaska County
8 Leelanau County
2 Wexford County
3 Outside Areas
Expired Listings 217
Year over Year Comparison for Grand Traverse County on & off water homes
Off Water Homes All Values
Current Listings 734
Sales 06/10-06/11 802 06/11-06/12 901
Average DOM 158 or 5.3 Months
Value Direction Up 2.6%
Market Activity Up 12.3%
Inventory Supply 9.8 Months
Direct Water Homes All Values
Current Listings 253
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
The market remains strong while inventory levels continue to contract allowing prices to begin rising in many market segments. A review of market data for the first 6 months of 2012 yields some interesting statistics: There were 1506 closed transactions, over 65% of those transactions were under $160,000. The market remains relatively active up to $550,000 and then the bottom drops out. There are 238 active listings over $1,000,000 with just 9 sales this year for a 158 year supply. While the bottom end of the market is looking good, the upper market segment is bloated with inventory and still sluggish.
A pessimist makes difficulties of his opportunities, & an optimist makes opportunities of his difficulties. -Harry Truman
Have a great 4th of July.....
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
website: http://www.the-team.biz/39885411/Home.aspx
Property Tax Appeal, Real Estate Consulting, Real Estate Appraisal Services
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