August figures show active housing market, but slower
September 17, 2021
The pace of real estate sales slowed in August, with all five counties in the region posting lower sales. A total of 336 residential units were sold last month, up from 423 in the same period a year ago. This figure is actually the lowest number of sales for the month going back to 2015.
However, the tight market keeps prices on the rise. While the total sales volume of $ 148,858,163 is lower than last August’s $ 162,661,657, it represents an increase in the average price, to $ 443,030 from $ 383,542. This average price is the highest on record.
Another market indicator demonstrates the region’s continued attractiveness to buyers. The average number of days a home was on the market fell to 63, well below any previous August, all above 100. The drop was most notable in Benzie County, where it is fell to 63 days against 159 in August 2020.
Cumulative figures for the year show unit sales are up from last year, to 2,109 from 1,915, although they still lag behind figures for 2019, 2017 and 2016. Again, dollar volume is up dramatically: this year’s average is dwarf $ 405,059. last year’s average of $ 328,565, which was previously the only figure above $ 300,000.