March 2016 Market Report for Grand Traverse County Michigan

March 2016 Market Report

 Spring is in the air which means that the real estate market in Traverse City Michigan is picking up.  The overall market is picking up this time of year, but it does every year at this time.  Let’s look how this year matches up to last year to see how the market is doing comparatively.

From January 1st to March 31st 2016 there were 286 residential housing units sold in Grand Traverse County, Michigan.  In the same time period in 2015 there were 262 residential housing units sold according to Northern Great Lakes Realtors MLS.  This is a 9% increase in homes sold in the first quarter of the year.

Not only are more homes being sold but they are also selling for a higher price.  The average sales price for a home in Grand Traverse County, Michigan, from January 1st to March 31st in 2016 was $231,951.  In the same time period last year the average sales price was $214,026, according to Northern Great Lakes Realtors MLS.  That is an 8% increase in the average sale of residential homes!

Talk about a hot market!  There are 9% more homes being sold in the first quarter of this year compared to last, and they are selling for 8% more.  And so far this year the average days the house is on the market is 11 days less then it was last year, according to Northern Great Lakes Realtors MLS. 

As the weather continues to get hotter so will the real estate market in Traverse City!  If you are thinking of buying or selling, or know someone who is, I would love to help!

January 1st-March 31st

 

Number of Homes Sold

Average Sold Price

Average Days-On-Market

2016

286

$231,951.00

137

2015

262

$214,026.00

148

Percent Change

9%

8%

-11%

                                                                 *according to Northern Great Lakes Realtor MLS

  Click on the Image tView Properties in Traverse City, MI

 

Kegan Smith

Kegan Smith

Realtor®
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