Nov 28, 2017

Q2 2017 Local Real Estate Statistics

Posted by: Andrea Galloup

Benzie County is the shining star in this mid-year statistical review!  Comparing Jan-June, 2016 with Jan-June, 2017, we saw a 44-percent increase in its median sale price.  The median sale price in Benzie County now is $193,500.  That is still lower than Grand Traverse ($229,350) and Leelanau ($297,800) Counties, but it is catching up at a rapid pace. 

Another bright star right now is waterfront, particularly waterfront homes.  The median sale price of waterfront (both private and shared) homes in the 5-county region increased by 25 percent, and the number of sales increased by 5 percent.  Equally impressive are the sales of waterfront vacant land...the median sale price increased by an impressive 15 percent, but even more astonishing is that the number of vacant parcels that sold increased by 26 percent

During the housing recovery (post 2011), we have seen gradual increases in the sales of single-family homes and condos, but the sales of vacant land have been flat, as have the prices.  Finally, we are seeing a good increase in the demand for vacant land (non-waterfront sales increased 4 percent), and a great increase in the median sale price of vacant land (non-waterfront sale prices increased 7 percent).  So, for you vacant land owners, your patience is paying off!

Condo sales are flat this year.  Sale prices and activity have been very high the past 3 years, but so far this year, the number of sales is equal to last year, and the median sale price has increased by only 2 percent.

The average days on market for waterfront homes went from 180 days to 158 days, and for non-waterfront homes, it went from 140 days to 115 days.  As always, there are variables (location, condition, and price) that determine how quickly a home sells.

Overall, we have seen an 11-percent increase in the median sale price of homes in the 5-county region so far this year.  But we've seen a 3-percent decrease in the number of homes sold...mostly because our inventory of homes listed for sale is still low.  (Note to potential sellers:  We need more listings!)

I have three lovely homes (one Benzie waterfront and two Leelanau acreage) and two spectacular vacant land parcels (one development in Long Lake with 133 acres of common area and one 11-acre parcel on Old Mission) available for sale, which are shown on the back side of this page.  If you are interested or know of anyone interested, please let me know. 

Our market continues to improve at an impressive rate, and we are on track to achieve yet another record-breaking year.  If you are thinking of selling or buying, please give me a call...I devote myself to serving the needs of my clients before, during, and after each sale.  If you know of friends or family who would appreciate the level of service I provide, please give them my name; I will take great care of them.  My business purpose is to help you and your referrals achieve your real estate goals...one relationship at a time!

Benzie County is the shining star in this mid-year statistical review!  Comparing Jan-June, 2016 with Jan-June, 2017, we saw a 44-percent increase in its median sale price.  The median sale price in Benzie County now is $193,500.  That is still lower than Grand Traverse ($229,350) and Leelanau ($297,800) Counties, but it is catching up at a rapid pace. 

Another bright star right now is waterfront, particularly waterfront homes.  The median sale price of waterfront (both private and shared) homes in the 5-county region increased by 25 percent, and the number of sales increased by 5 percent.  Equally impressive are the sales of waterfront vacant land...the median sale price increased by an impressive 15 percent, but even more astonishing is that the number of vacant parcels that sold increased by 26 percent

During the housing recovery (post 2011), we have seen gradual increases in the sales of single-family homes and condos, but the sales of vacant land have been flat, as have the prices.  Finally, we are seeing a good increase in the demand for vacant land (non-waterfront sales increased 4 percent), and a great increase in the median sale price of vacant land (non-waterfront sale prices increased 7 percent).  So, for you vacant land owners, your patience is paying off!

Condo sales are flat this year.  Sale prices and activity have been very high the past 3 years, but so far this year, the number of sales is equal to last year, and the median sale price has increased by only 2 percent.

The average days on market for waterfront homes went from 180 days to 158 days, and for non-waterfront homes, it went from 140 days to 115 days.  As always, there are variables (location, condition, and price) that determine how quickly a home sells.

Overall, we have seen an 11-percent increase in the median sale price of homes in the 5-county region so far this year.  But we've seen a 3-percent decrease in the number of homes sold...mostly because our inventory of homes listed for sale is still low.  (Note to potential sellers:  We need more listings!)

I have three lovely homes (one Benzie waterfront and two Leelanau acreage) and two spectacular vacant land parcels (one development in Long Lake with 133 acres of common area and one 11-acre parcel on Old Mission) available for sale.  If you are interested or know of anyone interested, please let me know. 

Our market continues to improve at an impressive rate, and we are on track to achieve yet another record-breaking year.  If you are thinking of selling or buying, please give me a call...I devote myself to serving the needs of my clients before, during, and after each sale.  If you know of friends or family who would appreciate the level of service I provide, please give them my name; I will take great care of them.  My business purpose is to help you and your referrals achieve your real estate goals...one relationship at a time!

Nov 28, 2017

Q3 2017 Local Real Estate Statistics

Posted by: Andrea Galloup

Our real estate market continues to improve at an impressive rate, and we are on track to achieve yet another record-breaking year. Statistics provided by the Traverse Area Association of REALTORS show that Grand Traverse County is the shining star in this year-to-date statistical review.  Comparing Jan-Sept 2016 with Jan-Sept 2017, we saw a 20-percent increase in the median sale price for single-family homes (including condos) in Grand Traverse County!  We also saw a 7-percent reduction in the number of homes sold, largely due to low inventory levels.  The median sale price for homes in Grand Traverse County is now $240,000.  While Benzie County walked away with the prize in Q2, we saw only a modest 3-percent increase in median sale price for Q3 (they did show an impressive 15-percent increase in the number of home sales, though).  With a median sale price of $177,500, Benzie County’s affordability should continue to attract more buyers to this section of our 5-county region.

Another bright star is waterfront homes.  The median sale price of waterfront (both private and shared) homes in the 5-county region for the first 9 months of 2017 increased 15 percent over the same 9-month period last year.

Condo sale prices for the 5-county area are flat this year.  Although the number of condo sales increased by 4 percent, the median sale price is equal to last year.  We may be seeing a levelling off of condo sales after 3 strong years of rapidly rising prices and volume.

Overall, we have seen an impressive 12-percent increase in the median sale price of homes and condos in the 5-county region so far this year.  And we have seen a whopping 53-percent increase since 2011, which was effectively the end of the real estate recession.

If you would like a more specific market analysis of the value of your home, please contact me at 231-642-0706 or andrea@agalloup.com

If you are thinking of selling or buying real estate, please give me a call...I devote myself to serving the needs of my clients before, during, and after each sale.  If you know of friends or family who would appreciate the level of service I provide, please give them my name; I will take great care of them.  My business purpose is to help you and your referrals achieve your real estate goals...one relationship at a time!

Another bright star is waterfront homes.  The median sale price of waterfront (both private and shared) homes in the 5-county region for the first 9 months of 2017 increased 15 percent over the same 9-month period last year.

Condo sale prices for the 5-county area are flat this year.  Although the number of condo sales increased by 4 percent, the median sale price is equal to last year.  We may be seeing a levelling off of condo sales after 3 strong years of rapidly rising prices and volume.

Overall, we have seen an impressive 12-percent increase in the median sale price of homes and condos in the 5-county region so far this year.  And we have seen a whopping 53-percent increase since 2011, which was effectively the end of the real estate recession.

If you would like a more specific market analysis of the value of your home, please contact me at 231-642-0706 or andrea@agalloup.com

If you are thinking of selling or buying real estate, please give me a call...I devote myself to serving the needs of my clients before, during, and after each sale.  If you know of friends or family who would appreciate the level of service I provide, please give them my name; I will take great care of them.  My business purpose is to help you and your referrals achieve your real estate goals...one relationship at a time!