As Many people already know the Traverse City area real estate market certainly took hits over the past few years like anywhere but luckily not nearly as hard as many areas. Our local market has been recovering for almost 2 years now with inventories down and values up slightly in 2011 .....2012 is showing even stronger gains. The Below stats show 2012 numbers for January -September as compared to the same time period for 2011.
4486 single family homes on the market in 2012 vs. 5159 in 2011....a decrease of 673...lower inventories will drive values back up with buyer demand. 2088 homes sold far YTD vs. 2000 last year and the % of listings sold this year has shown an increase of 4.20% ( more homes are selling and less expiring off the market) In 2011 29.11% of all single family home listings expired while only 21.11% have expired so far in 2012. And average days on market has decreased by 2 days to 197 days.
As for values....the sales to list price ratio has increased in 2012 by 1.76% ( sellers are getting closer to their list price), the median sales price for the Traverse City MLS area ( consisting mostly of Grand Traverse, Leelanau, Benzie, Kalkaska, & Antrim counties) is currently $140,000.....UP $14,000 or 10% over 2011 and the average sales price has shown an increase of $21,368 or +11% from 2011.....meaning values increasing and more higher priced properties are again selling!
So for those of us who work and play here we already know what a wonderful area this is to live, vacation, recreate etc. It's clean, safe, with just about everything anyone can want from great schools, world class dining & shopping, to almost any outdoor activity you can imagine.
If you are considering buying Traverse City real estate don't wait.....you are already losing ground on the value end and if you are considering selling....still a great time....inventories are down ( less competition) values are up and interest rates are outstanding! Contact Jon Becker - Century 21 Northland ( Traverse City Real Estate Agent) anytime with all your real estate needs. Search Traverse City real estate listings, get local maps and information, property tax info, and much more at www.c21jb.com
Jon sold 42 % of his listings in the past 6 weeks aside from helping several buyers successfully get into their new homes!!!
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