Market Update - Traverse City Region - January 8, 2013

Weekly Market Statistics

95 New Listings

63 Sold Listings

201 Pending

Sales By Classification

48 Residential $28,000 to $1,200,000 Median $134,950 Mean $193,735

11 Vacant Land $3,000 to $1,800,000 Median $35,000 Mean $214,818

7 Commercial $1,700 (Lease) to $635,250

Sales by Location

09 Antrim County

10 Benzie County

29 Grand Traverse County

04 Kalkaska County

05 Leelanau County

01 Wexford County

05 Outside Areas

Expired Listings 321

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

Off Water Homes All Values

Current Listings 488

Sales 01/12 to 01/13 975 01/11 to 01/12 793

Average DOM 142 or 4.7 Months

Value Direction Up 7.8%

Market Activity Up 22.9%

Inventory Supply 6.0 Months

Direct Water Homes All Values

Current Listings 162

Sales 01/12 to 01/13 177 01/11 to 01/12 129

Average DOM 212 or 7.1 Months

Value Direction Up 4.3%

Market Activity Up 37.2%

Inventory Supply 10.9 Months

Inventory levels are very low for off water homes at 6.0 months. Typically sellers like to wait till spring to list their homes, however due to very low levels of inventory sellers would be well served to list their homes ASAP as competition is light with relatively strong buyer demand. A properly priced and properly staged home will likely sell in 30-90 days. Have a great week!!!!

Real Estate Expert Since 1978

Certified General Appraiser

Phone: 231.649.0877

Fax: 231.333.5078

Email: bob@teamreamer.com

Website: www.RobertJReamer.com