For the Five County Area (Grand Traverse, Antrim, Leelanau, Kalkaska & Benzie, there were a total of 396 residential properties sold in the month of August, 2019. The high was $2,375,000 and low was $12,000 with an average selling price of $327,754 and median selling price of $265,000. The average selling price was up $40K from $287,340 in 2018.
August year to date in 2019, 2129 residential units have sold with an average selling price of $299,604 and median selling price of $238,000. This is up from last year at this same time when the number of residential homes sold ytd was only 1976 at an average selling price of $277,542 and median price of $218,850.
Of the 396 homes sold, the $200K-$400K price range had nearly half of the sales with 48% or 189 homes. $200K-$249,900K - 56 homes, $250-$299,900 - 59 homes and $300K-$399,999 - 74 homes. Homes priced $400-$750K had 61 sales and homes priced $160K-$200K had 51.
In Benzie County 49 homes sold in August with an average price of $287,540 (up from $244,946 in 2018). Average days on market was 139 days up from an average of 113 days in 2018.
In Grand Traverse County, 194 properties sold in August with an average price of $303,633; up from $260,098 average selling price in 2018. Average days on market decreased from 94 DOM in 2018 to 87 average DOM in 2019.
In Leelanau County 56 homes sold in August (similar to 2018) at an average selling price of $565,349 (up from $510,600) a year earlier. Average days on market was 96 vs 93 days in 2018.
Antrim County had 66 sales (vs. 43 last year) with an average selling price of $304,326 vs. $280,679 last year. Average days on market were 132 days, up from 127 days at the same time last year.
Kalkaska County August stats were fairly similar to 2018 August with 31 homes sold (vs. 35 last year), average selling price of $162,947 (vs. $162,565 last year) and average days on market of 102 (down from 110 last year.)
Overall, home prices in March of 2015 matched 2006 house price index across the US. Since March of 2015, the average US House Price index has risen another 18.97%.
Current interest rates on a 30 year fixed are at 3.78% (with an APR of 3.90%) and 15 year fixed are at $3.17% (with an APR of 3.37%)
Forecasts for 2019 put rates somewhere around 4.4% by the end of the year. That’s down from forecasts earlier in the year that called for rates in the 5s.
The funny thing is, though, that rates have been dropping since late 2018. Now, it appears rate increases could be much more subdued than first thought, if rates increase at all.