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The real estate market is healthy in northern Michigan

Grand Traverse County, Michigan, and surrounding areas continues to be healthy environment for buying and selling property. Prices of single family homes in the region have largely seen an increase. The number of homes available has largely gone up while there has been a decrease in average days on the market (DOM). This all points to continued health in the real estate market.

In Grand Traverse County, the number of sales have increased from 158 in September 2017 to 178 in September 2018. In addition to the number of homes sold, the median sale price has also increased. The average sale price for the area increased from $288,861 in 2017 to $302,911 in 2018. The average DOM saw a slight decrease from 113 in 2017 to 102 in 2018. These figures all reflect September numbers for each year.

Looking at quarterly numbers versus the year-over-year numbers for the month of September, the news isn’t quite as positive. In 2018, there have been 2,320 residential sales to date, which is less than both of the previous years, which were at 2,475 and 2,478. Vacant land continues to do well. Sales increased from 502 lots in 2013 to 731 in 2018. This shows potential strength in the commercial side of the real estate market.

Buying real estate can be a complicated and confusing undertaking. Anyone in Grand Traverse County, Michigan, who is considering a real estate purchase, whether it is residential or commercial, could benefit from speaking with an experienced real estate attorney. A knowledgeable lawyer can help one navigate the sales process and help a client to successfully complete a real estate transaction.