Traverse City News and Events

Local Home Sales Continue Drop, While Prices Continue To Climb

May 16, 2022

Residential real estate sales continue to drop. Echoing a months-long trend, last month’s home sales in the five-county area fell below the total for the same month last year. Each of the counties saw a decline in the number of homes sold. Overall, there were 182 home sales last month, compared with 261 in April 2021. Leelanau’s drop was the most precipitous: its 17 home sales stand in contrast to the 40 sold in April 2021, falling below the number sold in any April dating back six years.

The dollar volume also fell below last year’s April totals for each county as well. Overall sales totaled $78,256,903 last month, compared with $107,157,221 in April last year. However, the average sale price climbed in every county except Antrim. The increase was greatest in Leelanau County, where it jumped to $693,117 from $468,013. For the five counties, the average increased to $429,982 from $410,564.

The average number of days a home was on the market dropped significantly, to 65 from 97. At 80 and 50, the DOM for both Leelanau and Benzie was less than half what it was in April 2021, at 168 and 122 respectively. The only county to show an increase in the average days on market was Antrim, which jumped to 91 from 70. Overall, both the DOM and the average sale price set new marks for April sales.

Comment

East Bay Township Approves Corridor Improvement Authority

Read More >>

Rotary Square Design Unveiled; Price Tag Estimated at $2.55M

Read More >>

Traverse City Central Will Honor Its State-Title-Winning 1985 Football Team At This Friday’s Game

Read More >>

City Eyes Next Steps for Complete Streets, Bijou/Carnegie Buildings

Read More >>

Toy Store Trouble Ahead?

Read More >>

East Bay Township Updates: Safe Routes to School/Three Mile Trail, Holiday Woodlands, CIA

Read More >>

'Nowhere Else to Go': How Northern Michigan's Senior Housing Shortage Is Exacerbating Every Other Market Hurdle

Read More >>

Garfield Township Approves Shell Redevelopment, New YouthWork Headquarters

Read More >>

Ann Arbor Firm Acquires Cambium Analytica

Read More >>

North Ed Foundation Announced as CherryT Ball Drop Beneficiary

Read More >>

TCPD Opens New Substation on State Street

Read More >>

New Korean BBQ Restaurant Opening in Warehouse District; More Restaurant, Retail News

Read More >>

Registration Now Open For Traverse Connect’s 2025 Economic Summit

Read More >>

Garfield Township Man Arrested After Impregnating Teen Daughter

Read More >>