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Traverse City area Real Estate Market Report

Weekly Market Statistics

10/22/2012 thru 10/28/2012

124 New Listings

77 Sold Listings

274 Pending

Sales By Classification

62 Residential $23,122 to $1,200,000 Median $114,450 Mean $176,846

12 Vacant Land $15,000 to $165,000 Median $34,750 Mean $60,300

3 Commercial $550 (Lease) to $575,000

Sales by Location

07 Antrim County

11 Benzie County

29 Grand Traverse County

10 Kalkaska County

17 Leelanau County

01 Wexford County

02 Outside Areas

Expired Listings 73

Year over Year Comparison for Grand Traverse County on & off water homes

Off Water Homes All Values

Current Listings 665

Sales 10/10-10/11 823 10/11-10/12 980

Average DOM 146 or 4.9 Months

Value Direction Up 5.9%

Market Activity Up 19.1%

Inventory Supply 8.1 Months

Direct Water Homes All Values

Current Listings 224

Sales 10/10-10/11 136 10/11-10/12 174

Average DOM 211 or 7.0 Months

Value Direction Up 6.9%

Market Activity Up 27.9%

Inventory Supply 15.4 Months

The market has slowed somewhat, however typical for this time of year. Inventory levels continue to contract with values beginning to rise in some market segments. This fall is a great time for buyers, with sellers also have more opportunity that we have seen over the last several years with less competition.

As we head toward the end of the year it's never too early to start laying out a business plan for 2013. Failure to plan is planning to fail. 2013 will likely be the best year in real estate sales that we have seen since 2005-2006 so get positioned to maximize the opportunity. Have a great week.....

Sincerely,
Robert J. Reamer

Real Estate Expert Since 1978

Certified General Appraiser

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