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Current Market Conditions for the Traverse City Area This entry was posted on 8/20/2007 1:52 PM and is filed under Education,Market. Everyone is aware of the "soft" market conditions, but what does that actually mean
if you are thinking of selling your home?
Let's take a sensible look at the market here in the greater Traverse City area.
According to Michigan Association of Realtors, the Traverse Area Association of
Realtors is showing volume only slightly down (- . 35%) over last year with price
down 6.94% on average sale prices.
In hard terms, TAAR is showing a total of 1473 sales of single family homes this
year. Market resistance will show most in marketing time. How long will it take
to sell your home. According to statistics, market days range broadly from 0-1946
looking at all areas, however, realistically, 579 homes have sold within 3 months
and another 413 homes have sold under 6 months. In all areas, new build sales are
way down with the overwhelming majority of sales being existing housing. This does
not show custom built homes not involved in MLS transactions.
With an average market time typically of 3-6 months in this area, we are still showing
67% of homes selling in 180 days or less.
Let's look at that by individual county, so you can see how your direct market area
is faring.
Grand Traverse County has had 707 sales to date this year. The median value is
$161,000 on listing prices ranging from $25,900 - $1,390,000. Marketing times
show a range of 1 - 1447 days with 285 sales under 3 months and another 209
in the 3-6 month category. This translates to about 70% selling in under 6 months.
Currently there are 2058 homes showing actively listed with 86 currently pending sale.
Leelanau County has had 162 sales to date this year. The median value is $204,500.
Listing prices range from $59,900 - $2,950,000. Marketing times for Leelanau are a
little behind Grand Traverse with 69 sales under 3 months and another 38 sales under
six months. Here stats show 66% of single family homes selling under 6 months.
Currently there are 662 homes listed with another 18 pending sale.
Benzie County has had 147 sales this year with a median value of $164,900 on list
prices ranging from $35,000 - $2,490,000. Market times range from 1-812 days with 60
homes selling in 30 days or less and another 37 selling in under 6 months. This would
mean that 66% of homes here, too, are selling at 6 months or less. Currently there are 524
active listings and 13 pending sales.
Antrim County appears hardest hit. There have been 130 sales this year. Median price
here is $159,000 with list prices ranging from $6000 - $1,249,000. Market time ranges
from 28 days to a whopping 1946 days (for the highest priced home). Statistics show
33 homes selling under 3 months and an additional 38 selling under 6 months, for a
total of approximately 55% of homes selling under six months. Currently there are 790
active listings with 24 pending sales.
Kalkaska County has had 127 sales this year so far with a median price of $109,900.
List prices here range from $14,500 to $615,000. Market times range from 14 days to
764 days with 54 sales in under 3 months and another 35 sales in under 6 months.
The total under 6 months here is 70%. Currently there are 580 active listings with 11
sales pending.
So what does this all mean to you? It means that in order to be successful in selling
your home right now, you need to list the home at market value. There is a lot of
competition. Make sure your home looks great and is in good repair.
If you have realistic expectations, price your home correctly and make it attractive to buyers,
your home will sell, even in this market. |
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