Traverse City News and Events

Year-End Numbers Show Real Estate Sales Continue To Slow

Jan. 14, 2019

Real estate sales in the five-county area finished the year about the same way sales went for the rest of 2018: down from years previous, according to statistics from the Traverse Area Association of Realtors. The 231 residential sales last month were the fewest for any December since 2012, and only eclipsed that December’s sales by one unit. The dollar volume of $67,664,406 was also less than any of the last three years. Despite that, the five-county average price and median price both increased, due mostly to sales in Grand Traverse and Leelanau Counties. However, the number of days a property was on the market in those two counties eclipsed last year, leading to an overall average of 137 compared with 128 last year, which remains the benchmark.
 
Year-end totals also show 2018 down from previous highs. The year’s total of 3,121 homes sold was eclipsed by both 2017’s 3,361 and 2016’s 3,389. Increasing prices, particularly in Grand Traverse County, kept the dollar volume within striking distance. Total sales volume for 2018 was $871,949,282, less than the high of $914,252,959 in 2017, and also less than the $844,942,880 in 2016. Only Grand Traverse County posted better volume in 2018 than in 2017 ($461,112,524 vs. $453,401,076). All three residential categories – condo, single-family homes and waterfront – were down from 2017, as was vacant land.
 

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