The Record Eagle is reporting that the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie) has seen an increase of 32% in closed residential home sales in May compared to April of this year according to the Traverse City Association of Realtors. Although historically in our area we usually do see an increase in activity as we approach warmer weather, the amount of closed sales from April 2008 to May 2008 only increased 9%. One of every three homes sold was a bank owned foreclosure this May. Nationally, sales rose 2.4% and mortgage rates were reported to average 5.38%. Hopefully this trend of increased sales continues through the end of summer. Within our office we have seen a large increase in activity and closings in the last couple of weeks.
-Jonathan Oltersdorf