Northern Michigan Real Estate Market Activity

Although Chris newly listed five properties (3 residential waterfront, 1 vacant lakefront, 1 residential over $500,000) in the last three weeks, her report from Robert Reamer and Traverse Area Association of REALTORS (below) indicates that inventory is not rising with lightning speed. The last two weeks have seen a 50 percent increase in new listings, while overall numbers remain somewhat low.

Residential sales, on the other hand, increased by almost 100 percent from week ending 2/25 to week ending 3/4.  Sales by county indicate that Grand Traverse County is (not surprisingly) experiencing twice the number of sales as the county with the next highest unit sales:  Wexford.

Benzie County averaged six sales per week the last five weeks, and Leelanau County averaged 8-9 sales per week — in all categories.

Commercial sales shot up last week, but whether that signifies an upward trend or is an anomaly remains to be seen.

Vacant land sales remain low, not unusual for winter weeks.

Pending sales are down from this time last year.

We shall see what warmer weather brings.  Spring begins March 20 — or so sayeth the calendar.