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Traverse City Real Estate Market YTD Stats

The Traverse City area real estate market continues to rebound well and continues to be in great demand , especially the under 250,000 price points....the lower the price point the more demand which is driving inventory down and prices up. Great news if you are a seller, not so great news if you're the buyer. Single family home listings including condo's) for the 5 county area ( Grand Traverse, Leelanau Benzie, Antrim, Kalkaska counties) are 11.15% lower (527 homes less) than a year ago meaning what is coming on the market is selling and leaving buyers with much less to pick from and having to make quick decisions if they want a certain home.

The average sales price is also up +2.81% from a year ago, that includes all price points, the lower the price point the higher the increase year over year and they are selling faster with a decrease overall in days on market of 10.59% from 2013 YTD (January 1-Sept 3).

 The MLS average sale to list price ratio for single family homes YTD is 94.85% and becoming tighter all the time with the increasing demand, multiple offers etc. Meaning if a home is listed at $100,000 on average they are selling for 94,850.  Less negotiating room that in the past several years, many are now selling within 2-3% of asking price or even at or above list price, again especially the lower price points of under 200/250k.   All types of properties (single family, commercial, vacant land, multi family) as a whole are averaging 93.85% of list price. Jon Becker - Century 21 Northland is averaging his sellers +2.50% more in sales price than the MLS average at 97.35% of list price!

With MLS days on market averaging approx. 170-220 days ( varies monthly) for 2014. Some area's and price points are a lot lower typically also.  Grand Traverse County, especially in or close to Traverse City are typically much lower than the outlying counties/area's.  Jon Becker - Century 21 Northland  is averaging only 81-100 days on market! Selling them faster and getting his sellers closer to their asking price!

Also Jon has SOLD every single family home he has listed in 2014!!!

 

So Sellers....if you are at all thinking of selling please contact Jon anytime for a free no obligation consultation and buyers if you are considering buying....NOW is the time as out local prices will most likely keep rising with the demand and the choices will be less and less as the market rebounds.  Even a 5% yearly increase in values means if now you are qualified for a $200,000 home...a year from now (given that all other factors remain the same) that same home will be $210,000 and out of your qualification range. 

You can view all Traverse City area real estate listings, local information, maps, lake maps, etc. at www.c21jb.com   

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