Local real estate sales fall, prices continue to climb
April 13, 2022
Prices continue to climb as real estate sales decline across the region. Residential home sales in March fell from March 2021 in all counties served by Aspire North Realtors except Kalkaska, which matched its total of 15. Grand Traverse fell from 121 to 97; Leelanau at 22 of 39; Benzie at 20 of 30; and Antrim at 33 from 35. Overall dollar volume fell from $92,686,444 to $88,368,771, although this varied by county; Grand Traverse and Kalkaska posted gains, while the other three fell. Still, the average sale price jumped in every county except Antrim. It rose over $100,000 at Grand Traverse and Benzie. In Kalkaska, it increased by almost $200,000, from $183,440 to $372,773, while in Leelanau it increased again, from $546,674 to $789,263.
March sales of last year topped previous totals in most counties in both units sold and dollar volume. The constraints of a dwindling inventory and continued or growing interest from buyers explain the continued escalation in prices. Last month’s aggregate sale price was nearly $1,000,000 higher than the list price, at $88,368,771 from $87,801,549. This pressure can also be seen in the average number of days a home was on the market, a low of 73. In March 2021, it was 92 and was well over 100 each March prior.
Quarterly totals show that this year is down from recent years. There were 511 residential sales in the first three months of this year, compared to 595 last year. In the past seven years, the only year with fewer first-quarter sales was 2018. Still, dollar volume this year hit a new high, with residential sales of $226,460,888 topping all first-quarter totals. previous quarter. Sales of vacant properties fell from the first quarter of last year, falling to 266 units from 376, with dollar volume declining to $33,523,776 from $46,065,210. Prior to last year, vacant sales had never topped $19,000,000 for a first quarter.