Monday, January 14, 2008

Harbor Springs Real Estate Market Posts Weakest Numbers in Recent History

Harbor Springs real estate market activity plummeted in 2007, with unit sales and total dollar volume of single family residential transactions posting lows not seen since at least prior to 2001, the last year for which sales statistics are available through the Northern Michigan Multiple Listing Service's computerized database.

There were 118 sales of Harbor Springs homes and Harbor Springs condominiums in 2007, defined as sales of properties located within the Harbor Springs School District. The total dollar volume of those sales was $50,296,695. This compares with 147 sales last year, and a record total dollar volume of $64,669,046. Unit sales volume was off almost 20% from 2006 to 2007, while total dollar volume was off almost 23%.

The total dollar volume of sales was the lowest in recent history. The next lowest total was posted in 2001, the last year for which computerized data is available. In 2001, there were 188 sales with a total dollar volume of $52,825,456. Sales in 2001 were impacted by the terrorist attacks on 9/11/2001.

On a brighter note, the median sales price declined only modestly to $261,500, from $267,500 in 2006 and $269,000 in 2005. The median sales price in 2001 was $225,000.

Note: Based on information from the Northern Michigan Multiple Listing Service for the period from January 1, 2001 - December 31, 2007.

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