Traverse City Real Estate Market Update 1-19-14

Weekly Market Statistics

114 New Listings

58   Closed Sales

Sales By Classification

42  Residential $20,000 to $538,500  Median $177,500 Mean $195,992

13  Vacant Land $18,500 to $725,000 Median $189,000 Mean $189,326

 3   Commercial $13 SF Lease to $170,000

Sales by Location

03 Antrim County

08 Benzie County

31 Grand Traverse County

06 Kalkaska County

10 Leelanau County

00 Wexford County

Expired Listings   52

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

Off Water Homes All Values 

 Current Listings        512

 Sales                         01/13 to 01/14  1,096  01/12 to 01/13  1,031

 Average DOM            127 or 4.2 Months

 Value Direction          Up 10.8%

 Inventory Supply        5.6 Months

Direct Water Homes All Values

 Current Listings       148

 Sales                        01/13 to 01/14  142  01/12 to 01/13  186

 Average DOM           193 or 6.4 Months

         Value Direction        Up 5.4%

         Market Activity         Down 23.7%

         Inventory Supply      12.5 Months  

A little slow with 58 sales, pending transactions also declined slightly. Historically it is mid February before we start to see the market pick up and this may be one of those years. The weather has not been friendly to real estate activity. Inventory supplies continue to contract offering a great opportunity for sellers to beat the spring rush by offering their property for sale now while competition is light.

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