Friday, November 14, 2008

Northern Michigan Real Estate Market Conditions - October 2008

Sales of single family homes and condominiums in the Petoskey, Harbor Springs, Charlevoix and Boyne City real estate markets were down year over year, with 58 sales in October of 2008 compared to 64 sales in October of 2007. Total sales by dollar volume decreased from $23,832,500 in October of 2007 to $17,551,855 in October of 2008, a decline of over 26%. The dollar volume of Petoskey home sales alone declined almost three million dollars, or over 36%, from just under $8 million last year to just over $5 million this year.

The median home price declined from $224,500 in October of 2007 to $212,500 in October of 2008, a decline of just over 5% year over year. The average days on market for homes which sold during the month of October of 2008 increased to 222 days, from 185 days in October of 2007.

Sales of bank owned properties more than tripled, from five to eighteen. Bank owned properties accounted for almost one in three sales during the month of October, 2008 continuing to put pressure on prices.

This report is based upon sales information obtained from the Northern Michigan Multiple Listing Service for the months of October 2007 and October 2008.

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