Home inventory/supply reaches 9 year low!
The current inventory of single family homes on the market in Northwest Lower Michigan is extremely low. We haven’t had this few homes on the market since the spring of 2004! Please scroll down to view charts showing the current & historical amount of supply for houses located within Leelanau County, Grand Traverse County, and the City of Traverse City.
GRAND TRAVERSE COUNTY
CITY OF TRAVERSE CITY
As of March 2013 some townships and counties are seeing a supply of homes ranging from 33% - 45% of what we had available for sale during the peak of supply in the summer of 2010. When you compare the low home supply with my previous posts showing record home sales numbers Leelanau County 2012 Home Sales & Grand Traverse County 2012 Home Sales we could be in for a roller coaster 2013. Unless we see a large increase in supply of new home listings hitting the market this spring we will see significant increases in values throughout our region in certain price segments as long as the overall economy stays stable. As of today we are seeing the greatest need of supply in the <$200,000 single family home segment within 15 minutes of downtown Traverse City.
This post was updated here: /blog/2013/7/12/leelanau-traverse-city-home-inventory-july-2013.html