Our Traverse City Real Estate Market Continues To Hold Strong
We are still seeing a strong re-sale market and in m any segments we are critically low on inventory, which makes it a great time to list your home.
Vacant land sales are on the rise as well. Now is a great time to purchase your property so that you have time to work on plans and break ground in the Spring.
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Weekly Market Statistics
12/02/2013 thru 12/08/2013
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151 New Listings
94 Closed Sales
291 Pending
Sales By Classification
65 Residential $17,000 to $597,000 Median $146,000 Mean $170,294
21 Vacant Land $5,000 to $500,000 Median $52,000 Mean $80,834
8 Commercial $21 sf Lease to $322,500
Sales by Location
11 Antrim County
15 Benzie County
41 Grand Traverse County
06 Kalkaska County
20 Leelanau County
01 Wexford County
Expired Listings 126
Year over Year Comparison for Grand Traverse County on & off water homes
Off Water Homes All Values
Current Listings 588
Sales 12/12 to 12/13 1,037 12/11 to 12/12 1,054
Average DOM 125 or 4.2 Months
Value Direction Up 8.9%
Market Activity Up 1.6%
Inventory Supply 6.7 Months
Direct Water Homes All Values
Current Listings 178
Sales 12/12 to 12/13 146 12/11 to 12/12 185
Average DOM 199 or 6.6 Months
Value Direction Up 2.0%
Market Activity Down 21.5%
Inventory Supply 14.5 Months
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Very strong market activity for this time of year. Inventory supplies remain tight in many market segments. I have had several people ask me lately about waiting until spring to sell. I say no, now is the time to get your property on the market. Single family home inventory for Grand Traverse county is only 6.7 months, a very tight supply. As you can see vacant land activity is also very robust with 21 vacant land sales last week. I believe vacant land is very active for buyers seeking to build in the spring. By the time you secure a site, design a home, interview contractors, price the home and execute the contract you are already a little late to the table for a spring project.
Have a great week and stay warm!!!!
Respectfully,
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
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