Are local real estate sales starting to slow?
February 16, 2022
Statistics from Aspire North Realtors show that the torrid pace of real estate may be slowing down a bit, although property values remain high. Home sales in the Five Counties area for January were down slightly from January 2021, though all of the slowdown came outside of Grand Traverse County. Prices continue to rise, however; Aggregate sales of 176 homes last month for the five counties served by Aspire North totaled $71,345,892, for an average price of $405,374. January sales of last year were 184 units for $59,186,872, an average of $321,667.
There were 101 home sales in Grand Traverse County last month, totaling $40,280,635, for an average sale of $398,818. That compares to 87 sales in January 2021 for $28,924,793, or an average price of $328,541.
Sales in Leelanau fell to 20 last month from 28 in the previous January, although the average sale price rose to $735,697 from $416,406 in January 2021. Sales in Benzie, Antrim and Kalkaska counties have dropped by three, eight and three units respectively, but as with Leelanau, the average price generally rose; only Kalkaska County saw a decline in sales volume, falling to $3,117,957 from $4,213,850 last year. Likewise, its average price rose from $221,781 to $194,872.
The number of individual sales still represents a strong market, as it approaches or exceeds the totals of the last five January sales figures. The 80-day market average is also significantly lower than any previous such monthly average for January, dating back to 2017.