Prices continue to climb as real estate sales decrease across the region. Residential home sales in March dropped from those of March 2021 in every county served by Aspire North Realtors save Kalkaska, which matched its total of 15. Grand Traverse decreased to 97 from 121; Leelanau to 22 from 39; Benzie to 20 from 30; and Antrim to 33 from 35. Overall dollar volume declined to $88,368,771 from $92,686,444, though that varied by county; Grand Traverse and Kalkaska posted gains, while the other three dropped. Yet the average sale price jumped in every county except Antrim. It was up by over $100,000 in Grand Traverse and Benzie. In Kalkaska it increased by almost $200,000, to $372,773 from $183,440, while in Leelanau it went up even more, to $789,263 from $546,674.

Last year’s March sales topped previous totals in most every county in both units sold and dollar volume. The constraints of a diminishing inventory and continued or increasing interest from buyers account for the continued escalating prices. Overall sold price for last month was nearly $1,000,000 above overall list prices, at $88,368,771 vs. $87,801,549. That pressure can also be seen in the average number of days a home was on the market, a low of 73. In March 2021 it was 92, and was well over 100 every previous March.

Quarterly totals show that this year down in comparison to the last several. There were 511 residential sales in the first three months of this year, compared to 595 last year. Of the last seven years, the only year with fewer sales in the first quarter was 2018. Yet the dollar volume this year was at a new high, with residential sales of $226,460,888 topping all previous first quarter totals. Vacant property sales took a tumble from last year’s first quarter, down to 266 units from 376, with the dollar volume shrinking to $33,523,776 from $46,065,210. Prior to last year, vacant sales had previously never topped $19,000,000 for a first quarter.