10/30/2023
Here's the Weekly Market Statistics from Robert Reamer Certified General Appraiser
10/23/2023 thru 10/29/2023
103 New Listing
84 Closed Sales
182 Pending
Sales By Classification
53 Residential $20,000 to $1,475,000 Median $370,000 Mean $465,596
26 Vacant Land $5,350 to $848,350 Median $111,000 Mean $130,811
5 Commercial $79,900 to $625,000
Sales by Location
24 Antrim County
05 Benzie County
27 Grand Traverse County
05 Kalkaska County
14 Leelanau County
09 Wexford County
Expired Listings 10
Year over Year Comparison for Grand Traverse County on & off water homes
Off Water Homes All Values
Current Listings 220
Sales 11/22 to 10/23 842 11/21 to 10/22 1,003
Average DOM 58 or 1.9 Months
Value Direction Year over Year Up 4.5%
Market Activity Down 16.1%
Inventory Supply 3.2 Month
Direct Water Homes All Values
Current Listings 36
Sales 11/22 to 10/23 113 11/21 to 10/22 131
Average DOM 84 or 2.8 Months
Value Direction Year over Year, Statistically Even
Market Activity Down 13.7%
Inventory Supply 3.8 Months
The value direction and activity indicated above are taken from sales in Grand Traverse County using a 24 month comparison of the last year vs the 12 months prior. Value directions are for the entire county all value ranges and should only be used to identify trends and never used to apply an increase or decrease in market value for a specific property. The trend can be significantly influenced by more sales at the upper end of the value range or REO sales at the lower end of the value spectrum. To determine price changes for a specific property a much more detailed data search specific to that market segment should be completed.
Inventory levels remain low, value trends remain stable, closed sales continue to decline. Can anyone say 1980.....
I was selling real estate in Traverse City in 1980 and times are eerily similar. While it was a very difficult time for real estate, what followed was the longest run of real estate prosperity in my lifetime. Prepare for the worst and hope for the best......good times are coming but it may be a bumpy ride to get there.