Real Estate Market Conditions for January 2013
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 accommodate every buyer from very affordable cabins to luxurious homes. As a life-long resident of Gladwin County I know the area well and the real estate market even better!
1751 Whitney, Beaverton, MI 3504 Howard Road, Beaverton, MI
Molassess Riverfront Lake Elizabeth
MLS #158430 $199,900 MLS #158403 $68,000
The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain somewhat challenging, but appear to be stable! There is a slightly improving economy, stable values and less days on market than before. If you are interested in buying your first home or your vacation home, it is a fabulous time to buy! Interest rates are very low for qualified buyers, and a lot of inventory remains. It should be noted inventory levels are lower than in previous years which indicates a shift from a stable market to a sellers market. I believe the shift will be a slow process however. Homes remain more affordable then they have been in years! Buyers: With winter here sellers may be willing to negotiate lower sales prices. Let me help you find your special place to escape to or to call home. Sellers: Your home needs exposure to the market all year long! List today if you are serious about selling!
Here are the latest real estate market conditions for Gladwin, Michigan and the surrounding areas of Beaverton, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake. In January I had 3 closings and currently I have 4 pending.....sales continue to be strong!!
The Clare/Gladwin Board of Realtors currently has 778 homes for sale through the Multiple Listing Service (MLS) and 68 of those were new to the market in January. The number of new listings is 12 more than last month. The average asking price of the homes currently on the market is $101,905 and the average days on market for those homes has been 302 days. These stats are only slightly different than they have been the last 3 years clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $7,500 - 875,000.
During the month of January we saw 35 homes sell/close in the area. This is 7 less sales than we had in December. The average asking price was $74,585. The average sales price was $66,702 and the average days on market for these homes was 264 days. The average days on market is 19 days more than last month. The sellers received an average of 89.4% of their asking price.
In Gladwin 14 homes expired from the market unsold in January. The main reason homes don't sell during their listing period is that they were priced incorrectly for the real estate market conditions and or condition of the home. In any market it is imperative that a listing be priced as competitively as possible for its condition in order to have the best chance of selling. To learn more about why homes expire 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 conditions 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 absorbed by the market if no other homes come on the market. The absorption rate for January is 1.8 years! If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.