Traverse City News and Events

The Latest Local Real Estate Numbers Are In

June 12, 2022

Sales of residential real estate continue to lag behind the record pace of the past few years. Statistics from Aspire North Realtors show 216 sales in the five-county area in May. That is less than any May dating back to 2011, excepting 2020, in the midst of the pandemic. For May 2021, there were 267 residential sales, for a total sales volume of $111,074,623. Last month’s sales volume of $97,552,655 meant that the average price was $451,632, which outstrips last month’s previous record of $416,009.

Each of the counties saw fewer sales than May of 2021, with the exception of Benzie County. It was also an anomaly in that the average price dropped to $374,213 from $482,390. Antrim was the only other county that saw its average price decline from May 2021.

On the other hand, the number of days a home was on the market also reached a new low. Every county’s average DOM was below 50, with an overall average of 43. Last May it was 66; prior May averages were all over 100.

Statistics also indicate that those homes that do sell are on average going for list price or above. The average list price for the five-county area was $433,558, with an average sale price of $451,632. Total list price was $93,648,740, meaning the total sales volume of $97,552,655 was nearly $4 million more than list. Last year was the only previous year where total sales volume topped total list price, and only by approximately $10,000 per home ($406,122 vs. $416,009), rather than last month’s $18,000.

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