So here’s the most recent stats for the past week in Traverse City’s busy real estate market! I know it’s been a little while since I’ve posted an update but I hope the information below is helpful!
Off Water Homes
168 New Listings
Values are up 10.4%
Market activity is statistically even
88 Average days on market
4.8 months inventory
Summary: Values are climbing pretty substantially at 10.4% over last year. Inventory is starting to climb as well, we had around a 3 month inventory about 2 months ago and now we are at 4.8 months which means buyers have some options. All around the market is pretty healthy but is still very much a sellers market.
On Water Homes
112 Active listings
Values are up 18.4%
Market activity is down 13.8%
8 months inventory
Summary: Values continue to climb for waterfront properties in the area. This is a pretty substantial increase from last year even though the market activity is down. 8 months inventory is healthy for both buyers and sellers. Over all it’s a good time to sell or buy.
A more in depth analysis needs to be done for each individual property to find out how these numbers may or may not effect your property. Please feel free to reach out to me directly to get a free comparative market analysis.