The 2010 home sales statistics for Traverse City’s five county region is now available and charted for you above. This data comprises of all reported sales to the Traverse City Area Association of Realtors for existing home sales and new construction home sales within Grand Traverse County, Leelanau County, Benzie County, Antrim County, and Kalkaska County from 2002 through 2010. Overall 2010 was a very good year for real estate sales within our region considering the health of the Michigan economy as well as the uncertainty of the national economy. Our tourist heavy region remains a bright spot as one of the top destinations in the Midwest. Although prices have remained flat, home buyers were supported by the first time home buyer credit in the spring and record low interest rates through the fall. We also saw a large increase in upper end waterfront home sales in 2010 (a vital segment of our market) after a below average 2009. Vacant land sales have yet to see significant gains (not included in this data) due in large part to the affordability and vast supply of existing homes still on the market. As existing home supply continues to slowly decrease, look for vacant land sales to start to increase and prices to gradually rise, hopefully by mid 2011.
In 2010 we saw a 2% increase in total residential units sold over 2009. More importantly, we saw a 6% increase in average sales price and a 5.1% increase in median sales price over 2009. Median sales price is often the most common used figure to determine the overall real estate market health of any specific region. Here at Oltersdorf Realty, LLC we are fortunate to have had a very successful winter so far and all indications point towards a 2011 with increased sales volume! Please do not hesitate to contact us regarding current status of the Traverse City – Leelanau County real estate market!
This representation is based in whole, or in part, on data supplied by the Traverse Area Association of REALTORS® or its Multiple Listing Service for the period January 2002 through December 31, 2010. Neither the Association nor its Multiple Listing Service guarantees or is in any way responsible for its accuracy. Any market data maintained by the Association or its Multiple Listing Service does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the Association or Multiple Listing Service, unlisted properties, or rental properties.