02/27/2023
Weekly Market Statistics
02/20/2023 thru 02/26/2023
Robert J Reamer
Certified General Appraiser
Thank You For The Opportunity To Earn Your Business!!!
65 New Listing
62 Closed Sales
205 Pending
Sales By Classification
34 Residential $65,000 to $1,199,000 Median $294,950 Mean $359,968
27 Vacant Land $9,500 to $975,000 Median $110,000 Mean $152,998
01 Commercial $16/sf
Sales by Location
05 Antrim County
14 Benzie County
24 Grand Traverse County
03 Kalkaska County
07 Leelanau County
09 Wexford County
Expired Listings 11
Year over Year Comparison for Grand Traverse County on & off water homes
Off Water Homes All Values
Current Listings 156
Sales 03/22 to 02/23 906 03/21 to 02/22 1,135
Average DOM 55 or 1.8 Months
Value Direction Year over Year Up 12.2%
Value Direction Quarter over Quarter Down -4.1%
Market Activity Down 20.2%
Inventory Supply 2.1 Month
Direct Water Homes All Values
Current Listings 29
Sales 03/22 to 02/23 127 03/21 to 02/22 159
Average DOM 66 or 2.2 Months
Value Direction Year over Year Up 6.9%
Value Direction Quarter over Quarter Down -3.8%
Market Activity Down 20.1%
Inventory Supply 2.7 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.
The market continues to deteriorate, 30 year mortgage rates closed at 6.88% on Friday MND's Daily Mortgage Rate Index (mortgagenewsdaily.com) and are expected to continue rising. While inventory levels remain historically low, there is significant pressure on values with the quarter over quarter decline going further into the red. At some point if the trend continues it will get very very ugly. The data is not looking good, plan for the worst and hope for the best. Every adversity is someone's opportunity. Connect with foreclosure companies, connect with cash buyers looking to purchase foreclosures, connect with vacant landowners seeking to sell off a portion of their parcel to generate cash. Vacant land is one bright spot in the market with sales on the rise. Land Contract sales may come back into favor offering sellers a fixed rate of return and buyers a below market rate and lower closing costs. Educate sellers on seller financing options if the property is free and clear. These are just a few of the many opportunities in the coming market. The market is certainly changing, and we will all have to adapt to the changing opportunities.
Robert J. Reamer
Real Estate Expert Since 1978
Certified General Appraiser
Licensed Real Estate Broker
Licensed Builder
Phone: 231.649.0877
Email: [email protected]
Website: www.RobertJReamer.com
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Robert J Reamer specializing in residential MI Real Estate Property Appraisals.
