This is the Gladwin, Michigan real estate market update for November 2009.
Gladwin County is located in rural Northern Michigan and is conveniently located within 3 hours of Detroit and 2-2.5 hours of Flint and Lansing making it easy to come "Up North" for the weekend. But, we encourage you to stay longer. After visiting Gladwin you will want to spend much more time here! Gladwin, Michigan is an area popular for its scenic lakes (including Wixom Lake and Secord Lake), plentiful state land, quaint parks, Amish communities and down town shopping. Gladwin is primarily a second home/resort community due to the amount of waterfront homes. Gladwin, Michigan has real estate to accomodate every buyer from very affordable cabins to luxurious homes. As a life long resident of Gladwin I know the area well and the real estate market even better!
The real estate market in Gladwin, Michigan along with most ares of Michigan remains challenging but appear to be improving and stabilizing! A stagnant economy and a lack of qualified buyers remains. However, if you are interested in buying your first home or your vacation home, it is a fabulous time to buy! Interest rates are low for qualified buyers, there is a lot of inventory to choose from and homes are more affordable then they have been in years! The Federal Government is also offering tax credits for qualified home buyers until April 30, 2010. For specific information on who qualifies for these tax credits of of up $8,000 visit the Hot Topics tab on my website.
Here is the latest real estate market update for Gladwin, Michigan and the surrounding areas of Beaverton, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake.
The Clare/Gladwin Board of Realtors currently has 956 homes for sale through the Multiple Listing Service (MLS) and 60 of those were new to the market in November 2009. The number of new listings is down by 13 homes from October. This reflects the slower time of year in our real estate market. The average asking price of the homes currently on the market is $121,977 and the average days on market for those homes has been 337 days. These stats are only slightly different than the last 5 months clarifying my theory that the Gladwin, Michigan real estate market is stabilizing!
During the month of November we saw 38 homes sell/close in Gladwin, Michigan. This is only slightly less than October but is down by about 20 sales from the busier summer months. The average asking price was $70,685. The average sales price was $64,769 and the average days on market for these homes was 218 days. The sellers received an average of 91.6% of their asking price.
111 homes expired from the market in November in Gladwin. The main reason homes don't sell during their listing period is that they were priced incorrectly for the real estate market and or condition of the home. In challenging buyers market periods it is imperative that a listing be priced as competitively as possible for its condition in order to have a chance of selling. To learn more about why homes epxire from the market visit this link to a page on my website.
If you're thinking about selling your Gladwin area home one very important fact to know about your real estate market is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Gladwin, Michigan to be absorped by the market if no other homes come on the market. The absorption rate for November 2009 is 2.00 years! This number is remaining steady proving that the buyers real estate market still exists but is not as strong as in recent months. If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.
Comments(0)