Traverse City - Weekly Market Statistics - December 31, 2012

Weekly Market Statistics

       12/24/2012 thru 12/30/2012

33   New Listings

        77   Sold Listings

222 Pending

Sales By Classification

63 Residential $19,750 to $2,075,000 Median $139,000 Mean $212,764

12 Vacant Land $26,500 to $451,000 Median $67,500 Mean $100,200

2   Commercial $14 sf to $675 (Lease)

Sales by Location

08 Antrim County

09 Benzie County

38 Grand Traverse County

03 Kalkaska County

11 Leelanau County

01 Wexford County

07 Outside Areas

Expired Listings    62

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

Off Water Homes All Values 

 Current Listings        528

 Sales                         12/10-12/11  822  12/11-12/12  1,016

 Average DOM            143 or 4.8 Months

 Value Direction          Up 7.2%

 Market Activity           Up 23.6% 

 Inventory Supply        6.2 Months

Direct Water Homes All Values

 Current Listings       173

 Sales                         12/10-12/11  136  12/11-12/12  181

 Average DOM           208 or 6.9 Months

         Value Direction         Up 8.5%

         Market Activity          Up 33.1%

         Inventory Supply      11.4 Months  

Another strong week with 77 sales reported last week, on a holiday shortened schedule. There is a major issue about to happen in the housing industry, the Mortgage Forgiveness Debt Relief Act of 2007 expires 12/31/2012. This law allowed homeowners of a principal residence to avoid income taxes on the amount of debt lost in a foreclosure and short sale by the lender. For example if there is a mortgage of $150,000 and the bank recovers $100,000 through the foreclosure the remaining $50,000 is taxable income to the property owner as of 01/01/2013. Property owners have become accustomed to walking away from properties which are underwater, well the consequences just got allot bigger in doing so. It is imperative to talk with both legal counsel and income tax professionals if owners are struggling to hang onto their properties.

Have a Happy New Year!!!!!!!!!!

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.RobertJReamer.com

Real Estate Appraisal Services, Property Tax Appeal, Real Estate Consulting