I can't predict the future but the majority of signs point to a strong year in 2015 for the Petoskey real estate market. Nationally some trends that will elevate most markets are: interest rates are still incredibly low but predicted to go up toward the second half of the year, the price of oil is way down and forecasted to stay so, salaries are increasing, consumer confidence is rising, and it now costs more to rent than own in most markets. However, local is the only market that really counts. I do expect to see: vacant land sales have a dramatic increase, the high end ($500K+) market come back, especially in Harbor Springs, and the average days on the market to decrease while prices increase do to limited supply in the middle market ($200K - $400K).
Beyond just the local market, what really matters is each segment of the market. The segments can be broken down by price, waterfront, condo, etc. If you are looking for more information on a particular segment of the market or statistics please contact me anytime. Check back soon for 2014 Year end statistics.