Traverse City Affordable Housing Trends

The Traverse City Affordable Housing market is a high demand market for Grand Traverse and Leelanau Counties. Based on information collected from the MLS, over the last three years, homes listed at $80,000 to $250,000 have garnered the most attention for buyers; these trends are expected to continue in the foreseeable future. By understanding the Traverse City Affordable Housing Trends, many home sellers can plan for the best opportunities, adjust to market demands and prepare for a better return on their investments.

From September through February over the last three (3) years, the Traverse City Affordable Housing market homes sold have out-paced the volume of housing supplied to the market. Many home sellers generally do not list their homes for various reasons – schools in sessions, job placement, etc. The homes sold to buyers versus inventory of homes available were 34% higher, on average, during September – February over the last three (3) years. And January has been, historically, the best month to obtain the maximum value for your home, when listing for sale.

Traverse City Affordable Housing market home values do fluctuate and buyers become increasingly savvy, when working with an experienced and knowledgeable agent. Therefore homes listed in January are more likely to receive at or near asking price than any other time in the year. In January the average home sales, in the previously mentioned category ($80,000-$250,000), received within 1% of their asking price. And home sales out pace the number of new listings by 45%! As spring approaches, the trends show market awareness rises and the month of March is the best month to obtain maximum price and shortest period of days on market (DOM).

Similar to January, the Traverse City Affordable Housing market’s homes listed in March obtain best possible value between listed price and selling price. Home sellers, based on trends, receive within 1% of their asking price when listing their home in March. Homes stay on the market for less period of time in March, than in any other month of the year – 80 days on average. And the average sold price is $186,045. The spring market also creates a knee jerk reaction for the month of April and dampens the home sellers options and opportunities.

April trends indicate an awakening by the Traverse City Affordable Housing market’s home sellers, therefore increase inventory for homebuyers as well as delays in selling a home. Homes listed in April will sit on the market for 106 days, on average. And the asking prices are slightly higher, hoping to ride the wave of early season market activity. However, the increase supply and buyers’ increase awareness of the Traverse City Affordable Housing market, does not dictate the best value of listing price and sold price. April homes in the Traverse City Affordable Housing market generally will see the sold price to be within 5% of asking price. Although, many home sellers would enjoy a sold price to be within 5% of the list price, it is higher than most month of the year.

The Traverse City Affordable Housing market demand will continue at a great rate for home sellers in the upcoming years. The demands of homebuyers have not let up and home sellers will see great returns on their investments (ROI). Over the last three (3) years, Traverse City Affordable Housing market has seen sellers receiving within 4.25% of their original asking price and the volume of home sales in the Traverse City Affordable Housing market during the same period has been 12% higher than homes listed.

Home sellers, do not be discouraged by the ups and downs during the year when selling your home in the Traverse City Affordable Housing market. And homebuyers educate yourself on the best neighborhoods, greatest opportunity for locating your home, during the year and at the best possible value. Working with a knowledgeable Realtor, will help you obtain the best ROI – either buying or selling your home.

 

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Ben Williams

Ben Williams

Traverse City Lakefront Real Estate | Representative for Military Veterans First Responders Coast Guard Real Estate
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