August 2009 Home Sales, Traverse City

Home sales statistics have been finalized for closed sales during August of 2009. I have compared them to July of 2009 and August of 2008 for the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County AreaSold HomesDollar VolumeAverage PriceMedian Price

AUGUST 2009188$34,928,520 $185,790$149,200
JULY 2009198$38,330,997 $193,591$140,500


186$39,850,500 $214,250


Bank Owned Foreclosures
August 2009- 25.50% of sales

July 2009 - 25.75% of sales

August 2008- 23.10% of sales

According to recent sales statistics the local market seems to be holding its own in this economy. Closed sales are stable, median home prices are actually increasing, while average home prices have declined due to the lack of sales on the top end of the market. It is difficult to tell if the market has hit bottom until about 6 months after it has happened but the numbers look better than expected, although there are still obvious gaps in activity in certain portions of the market. We have had a very busy August and September so far.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from August 2008, July 2009, and August 2009. Undisclosed sales are not included in the data.

-Jonathan Oltersdorf