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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2 Comments:

Anonymous Anonymous said...

I have been trying to sell my home in petoskey for 2 years, I have also watched as things keep sliding down hill for the past 2 years. Now the housing slump is happning across the country. Michigan is dealing with double hits, the high oil prices have done in the domestic auto industry, and therfor michigan. and now the cridit crunch has hit the housing industry across the nation. I do not see anything that will bring back our economy anytime soon, unfortunatly.
In gaylord the small base of industry has dried up and are movin out, the people that really built michigan up in the north were the people who worked the auto and related jobs in southern michigan.
I see the pointes project is still doing nothing even though the people in charge said that things would be off and running in the fall. I bet the investor $ have dried up along with no presales.
I think it is time for me to leave michigan even if my home does not sell. I was in the title industry and the title market is going south fast, I was laid off from one of the major companys in petoskey, I have kept in touch with a friend there and was told that they shut down one satalite office and are going to shut down more. Times are worse than in 79 and 1980s

10/03/2007 02:28:00 PM  
Anonymous Liz Grill said...

Hi Stephan -- nice blog. I am a realtor/assoc. broker in Marquette, Mi. We are still experiencing a good market. Im anxious for our 3rd qtr stats to come out so that I can get a closer look at things. Our sales are actually up -- in terms of units -- and dollars overall. Prices are a little softer as there are more listings available this year than past, and homes are staying on the market a bit longer. But overall, we are still going strong. We have not had anything change in our marketplace -- major employers in place and growing, and the same with NMU. Im having my best year ever.
I just started a blog myself, and was searching the web for other michigan real estate blogs and came across yours. You can see whats going on in the Northern, Northern Michigan at www.buymarquette.com and visit my blog.
I will keep you in mind if/when I have buyers going to Petosky area.

10/06/2007 06:48:00 PM  

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