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Northwest Michigan 7-Year Sale Index

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Summary

Despite continued strong demand, the 67% YOY decline in inventory is restricting sales and driving up prices. The shortage of available listings is most prevalent in the entry price ranges. Under-$250k YTD sales (through March 9th) are down 23%. Sales in the $250-$500k range are up 15% and price per square foot for those sales rose 18%. Over-$500k sales jumped 56% compared to last year, but values in the upper price ranges have been flat. The slow arrival of new listings is causing a decline in new pendings. Expect inventory shortages to fuel buyer competition and rising prices.

Monthly Activity

TAAR 5-County YOY Summary (all homes/condos)

201920202021+/-
YTD Units393413400-3%
YTD Vol (million)$107.5$113.3$137.521%
Avg Price$273,629$274,248$343,78225%
Avg $/SF$151$154$18621%
Avg SF1,8121,7771,8454%

TAAR 5-County Inventory

Screen Shot 2021-03-25 at 9.07.25 PM

Weekly New Listings

Screen Shot 2021-03-25 at 9.07.44 PM

Weekly New Pendings

Screen Shot 2021-03-25 at 9.08.02 PM

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