Monday, January 07, 2008

Petoskey Real Estate Market Year End Report

Not surprisingly, Petoskey residential real estate sales volume decreased in 2007 from 2006. Unit sales of homes and condominiums in the Petoskey School District decreased to 255 units from 282 units, a decline of over 9%. Sales by dollar volume also fell, from $98,896,350 in 2006 to $82,476,049 in 2007, a decline of more than 16%.

Despite the decline in sales activity for Petoskey homes and condominiums, the median Petoskey home price actually increased by just under 1%, from $188,500 in 2006 to $190,000 in 2007. Average days on market was almost unchanged, from 200 days in 2006 to 199 days in 2007 for those homes which sold. The average price paid for a Petoskey home dropped from $350,696 in 2006 to $323,435 in 2007.

Note: Based on information obtained from the Northern Michigan Multiple Listing Service for the period from January 1, 2006 - December 31, 2007.

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