Traverse City Real Estate Market Report
What lies ahead for our local real estate market will be interesting to follow.
As we see doom and gloom in our National news, our local economies appear to be holding strong.
Interest rates are up over 1% from this time last year. That said, there is more to purchasing a home and obtaining a mortgage than interest rates alone. If you speak to a lender, make sure you they are informing you of all your options for loan products. The way that you plan to utilize your home and the duration that you anticipate your being in your home will greatly affect the loan product that your lender should place you in. If you are in the market for purchasing a home, be sure to make an appointment with Randy Brown from Versatile Mortgage, here in Traverse City. Randy is the only wholesale mortgage broker left in our area and has a wide variety of products and programs for your immediate mortgage needs and has an incredible program that will watch what rates are doing and if your loan can be refinanced to get you a better rate, you will be notified immediately for the refinance. I would encourage you to set an appointment with Randy.
Meanwhile, below is where we stood last week in sales
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Weekly Market Statistics
03/10/2014 thru 03/16/2014
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119 New Listings
52 Closed Sales
235 Pending
Sales By Classification
46 Residential $25,000 to $1,430,000 Median $148,750 Mean $227,738
5 Vacant Land $4,750 to $325,000 Median $26,000 Mean $80,790
1 Commercial $78,000
Sales by Location
11 Antrim County
09 Benzie County
20 Grand Traverse County
03 Kalkaska County
07 Leelanau County
02 Wexford County
Expired Listings 32
Year over Year Comparison for Grand Traverse County on & off water homes
Off Water Homes All Values
Current Listings 480
Sales 03/13 to 03/14 1,09 03/12 to 03/13 1,090
Average DOM 127 or 4.2 Months
Value Direction Up 10.8%
Market Activity Even
Inventory Supply 5.3 Months
Direct Water Homes All Values
Current Listings 147
Sales 03/13 to 03/14 147 03/12 to 03/13 186
Average DOM 193 or 6.4 Months
Value Direction Up 9.4%
Market Activity Down 20.9%
Inventory Supply 12.0 Months
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No breakout yet with 52 sales last week. There are some troubling statistics starting to pop up:
GT County off water homes sales YTD 2014 -29.4%
GT County private water home sales year over year 2013-2014 -20.9%
MBA projection of purchase mortgages for 2014 +1.6%
While there is allot of blame on the "weather" statistics from areas of the country where there is no snow are quit similar. The underlying economic factors are somewhat troubling with flat to declining wages making it very difficult for first time home buyers. U6 unemployment remains extremely high at 12.6% (not the fabricated unemployment number widely reported). Interest rates are up 1% from this time last year 3.38% to 4.39%. While it is not all doom and gloom, facts don't lie. Inventory levels remain low holding up values, the market will see some improvement with warmer weather. I think it will still be an ok year, however the data seems to be moving in a negative direction putting a damper on a great year. Adversity is always opportunity for the one looking for it, expand your market area, ramp up your marketing to gain market share, add products or services to expand you client base. When the dust clears the bad apples get shaken out and the good ones are even stronger........
It will be an interesting week as allot of economic data will be released this week.....
Respectfully,
Robert J. Reamer
Real Estate Expert Since 1978
Certified General Appraiser
Phone: 231.649.0877![]() 231.649.0877
Fax: 231.333.5078
Email: bob@teamreamer.com
Website: www.RobertJReamer.com
Real Estate Appraisal Services
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