By now, everyone has heard a report describing the housing market as “soft.” Reports also indicate that Michigan’s economy is “not the best.” Reports are one thing; what is happening in a specific area is something entirely different! It is important to speak to a professional who knows the market in the desired area to get the facts. A good example is Grand Traverse County. The numbers on the chart below provide a reference point for evaluation.
* Statistics for 1992 thru 2005 pulled from Traverse Area Association of Realtors multiple listing site. Statistics for 2006 added to table from independent search of multiple listing site. **Average days on market (DOM) statistic not available at this time.
We saw a slight dip in sales in 2006 but we are already seeing a comeback. For January 2006, there were 51 homes sold compared to 57 already reported sold in January 2007 and we still have days left in the month. I am currently seeing a lot of Buyer activity in the “starter home” price range of $80,000 – $120,000, the range of $180,000 – $220,000, and above $350,000.
The GT area has been discovered as a destination place for second home buyers and retirees because of the surrounding beauty as well as the available amenities. I expect to see an increase in these two areas of the market as out-of- towners become even more aware of the opportunities our area offers.
As a professional Realtor who is familiar with the housing market in Leelanau, Benzie, Grand Traverse, Kalkaska, and Antrim Counties. I enjoy assisting Buyers and Sellers in making that important decision on when best for them to enter the market to best meet their goals.
I am a firm believer that there is ALWAYS someone selling and another person buying. It is my knowledge and experience as a professional that brings the Buyer and Seller together.
Authored by:
Diane Mack, Realtor
diane@irpmi.com
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