Is the hot real estate market cold? The numbers are entered.



August 16, 2021

Has the blazing local real estate market suddenly cooled down? The latest data came in, and home sales slowed in July compared to the same period in previous years. They fell in each of the five counties served by Aspire North. Overall, 314 sales fell 97 from 411 in 2020. Last month’s numbers were below all of the previous seven years, except for one: in July, 406 homes were sold in 2019, 310 in 2018, 326 in 2017 and 330 in 2016, 309 in 2015 and 306 in 2104. In Grand Traverse County, they dropped to 161 from 216 in July 2020.

Sales in dollars have declined accordingly, with sales in the five counties at $ 135,885,161 last month, up from $ 152,585,259. However, the average selling price jumped to $ 432,755 from $ 371,253 in July 2020. The biggest jump came in Grand Traverse County, by nearly $ 100,000 ($ 440,437 versus $ 343,827), and Antrim, which jumped to $ 437,238 from $ 377,514 in July 2020. the average price in Leelanau County fell to $ 544,950 last month from $ 603,075 in July last year.

The number of days a home has been on the market is the lowest on record, with an average of 57 days in July. There were 95 days in July 2020, and more than 100 days in every second July. That number declined in every county, with the biggest change occurring in Antrim, from 140 to 59 days.

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