Monday, October 01, 2007

Petoskey Real Estate Market Slides in Third Quarter

The Petoskey real estate market took it on the chin in the Third Quarter of 2007, with both sales and sale prices of Petoskey homes and condominiums broadly lower compared to 2006.

The number of single family residence sold in the Petoskey School District in the quarter declined 13%, from 85 in 2006 to 74 in 2007. The total dollar volume from sales of Petoskey condominiums and homes in the quarter sank over 24%, from over $30 million in 2006 to $22.8 million in 2007. The median home price declined precipitously, from $237,000 in the Third Quarter of 2006 to $187,225 in the Third Quarter of 2007, a decline of over 21%.

The declines in the third quarter reflect the weakness in both the state and local economies. In addition to weak demand, increased inventory and the rising number of foreclosures are taking their toll on prices. The figures point to the fact that this is a strong buyer's market. If you are in the market for a Petoskey home or Petoskey real estate, now may be a good time to consider either purchasing or trading up, if you are one of the lucky few in a position to do so.

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