Friday, December 05, 2008

November Northern Michigan Real Estate Sales Horrible

Horrible Northern Michigan real estate sales numbers for the month of November, 2008 seem to mirror the macroeconomic climate. Today the Labor Department reported that U.S. nonfarm payrolls fell by over half a million last month, the worst such tally in 34 years. Who can buy a home if they don't have a job?

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 43 sales in November of 2008 compared to 50 sales in November of 2007. Total sales by dollar volume decreased by a whopping 50%, from just under $20 million ($19,990,790) in November of 2007 to just over $10 million ($10,048,450) in November of 2008. The dollar volume of Petoskey sales was only a third of what it was last year, from just under $10,350,000 in November, 2007 to $3.6 million this year.

The median home price declined from $227,100 in November of 2007 to $158,500 in November of 2008, a decline of over 30% year over year. The average days on market for homes which sold during the month of November of 2008 decreased to 210 days, from 269 days in November of 2007.

Sales of bank owned properties almost doubled, from seven to thirteen. Bank owned properties accounted for over 30% of sales during the month of November, 2008, continuing to put pressure on prices in our marketplace.

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

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1 Comments:

Anonymous Maureen Francis said...

Ouch.

Here is hoping that 2009 brings us some improvements.

Happy New Year, Stefan.

1/02/2009 12:09:00 PM  

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