No breakout yet with 52 sales last week. There are some troubling statistics starting to pop up: GT County off water homes sales YTD 2014 -29.4% GT County private water home sales year over year 2013-2014 -20.9% MBA projection of purchase mortgages for 2014 +1.6% While there is allot of blame on the weather statistics from areas of the country where there is no snow are quit similar. The underlying economic factors are somewhat troubling with flat to declining wages making it very difficult for first time home buyers. U6 unemployment remains extremely high at 12.6% (not the fabricated unemployment number widely reported). Interest rates are up 1% from this time last year 3.38% to 4.39%. While it is not all doom and gloom, facts dont lie. Inventory levels remain low holding up values, the market will see some improvement with warmer weather. It will be an interesting week as allot of economic data will be released this week..... 119 New Listings 52 Closed Sales 235 Pending Sales By Classification 46 Residential $25,000 to $1,430,000 Median $148,750 Mean $227,738 5 Vacant Land $4,750 to $325,000 Median $26,000 Mean $80,790 1 Commercial $78,000 Sales by Location 11 Antrim County 09 Benzie County 20 Grand Traverse County 03 Kalkaska County 07 Leelanau County 02 Wexford County Expired Listings 32 Year over Year Comparison for Grand Traverse County on & off water homes Off Water Homes All Values Current Listings 480 Sales 03/13 to 03/14 1,09 03/12 to 03/13 1,090 Average DOM 127 or 4.2 Months Value Direction Up 10.8% Market Activity Even Inventory Supply 5.3 Months Direct Water Homes All Values Current Listings 147 Sales 03/13 to 03/14 147 03/12 to 03/13 186 Average DOM 193 or 6.4 Months Value Direction Up 9.4% Market Activity Down 20.9% Inventory Supply 12.0 Months Thanks to Robert Reamer for his thoughts on the market and compiling the data.
Posted on: Wed, 19 Mar 2014 19:08:09 +0000
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