The Grand Traverse region is primarily Grand Traverse, Leelanau, Benzie and Antrim Counties. Home to many wonderful lake front homes; buyers looking to purchase will find it’s an investment worth making. This region offers year-round activities for families as well as vacation get-a-ways. Lake front homes in the Grand Traverse Region has become a haven for great values on lake front homes.
Lake homes in the Grand Traverse region are homes on Lake Michigan and many inland lakes – Torch Lake, Long Lake, Elk Lake, Lake Leelanau (North & South), Glen Lakes (North & South), Crystal Lake, etc. And in the previous six months, 72 lake front homes were sold, after being on the market for an average of 176-days. The typical list price was approximately $607,896.00 and sold within 3% of the asking price ($592,148.00). During the same period, a square foot sold price was generally $283.50.
Since 2014, in the Grand Traverse region in the same period, the number of lake front homes available to purchase – according to the Multiple Listing Service (MLS) – have dropped 7%. With the fewer available homes to purchase, supply & demand dictates an increase of the appreciation values; the average sold price for lake front homes in 2014 was $471,937.
With high demand and low supply of listed homes, these lake front homes are selling faster as well. Homes sold in 2014 sold after being on the MLS for 184-days. Today, the Days on Market (DOM) has dropped 4%. These trends will be expected to continue over the foreseeable future.
Understanding the market conditions, values of each home, and the location is paramount when selecting your Up-North get-a-way. In a five-year period, home values have rose 20%, DOM has decreased by 4%, and available homes to purchase has significantly decreased by 7%. To learn more about our team, check us out at www.LakeLifeRealEstate.com or contact Ben Williams today!
Next Week: All Active Lake Front Homes