How is the real estate market in Traverse City Michigan so far in 2009?
As of the first quarter of 2009 there have been 173 single family homes sold in Grand Traverse County. Last year during the same period there were 212 homes sold. That represent a 18% less in the number of homes sold compared with last year during the same period in Traverse City. Of the 173 homes sold in Traverse City, 51 were either bank owned, short sales or tagged as foreclosure homes. That means that of all the homes sold in Traverse City MI in 2009 for the first quarter approximately 32% were oriented toward foreclosure sales. That's good news compared with many other markets where the figure hovers around 50% or more.
As regards waterfront homes in Traverse City Michigan, there have been 21 waterfront home sales so far for the first quarter of 2009. Last year during the same period there were 26 waterfront properties in Traverse City that sold. Again, similar to Traverse City residential sales as a whole, that represents approximately a 19% reduction in waterfront home sales.
Vacant land sales in Traverse City MI for the first quarter total 17 units. Last year during the same period of time there were 24 sales in Grand Traverse County. This represents a 29% change in the number of sales. One of the factors that likely caused this change is the weather in Traverse City during the winter months. This year has been one of the snowiest and coldest winters in a long time. This especially affects vacant land sales in Traverse City.
All data shared here is drawn from the Traverse Area Association of Realtors. This data is considered reliable but not guaranteed.