Northwest Michigan 7-Year Sale Index
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)
| 2019 | 2020 | 2021 | +/- | |
| YTD Units | 393 | 413 | 400 | -3% |
| YTD Vol (million) | $107.5 | $113.3 | $137.5 | 21% |
| Avg Price | $273,629 | $274,248 | $343,782 | 25% |
| Avg $/SF | $151 | $154 | $186 | 21% |
| Avg SF | 1,812 | 1,777 | 1,845 | 4% |
TAAR 5-County Inventory
Weekly New Listings
Weekly New Pendings
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