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Northwest Michigan Q3 2021
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Available Homes
-64% from last year
YTD Closed Sales
+22% from last year
YTD Avg Sale Price
+12% from last year
YTD Closed Volume
+36% from last year
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 371 | 228 | 82 | -78% | -64% |
YTD Closed | 494 | 446 | 542 | 10% | 22% |
Months Supply | 6.3 | 3.5 | 1.6 | -74% | -53% |
Avg. Sale Price | $249,517 | $263,071 | $294,552 | 18% | 12% |
$ Vol (million) | 123 | 117 | 160 | 30% | 36% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 110 | 76 | 22 | -80% | -71% |
YTD Closed | 221 | 203 | 204 | -8% | 0% |
Months Supply | 4.9 | 2.6 | 1.4 | -71% | -44% |
$/SF | 122 | 117 | 119 | -3% | 2% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 105 | 66 | 28 | -73% | -58% |
YTD Closed | 216 | 177 | 223 | 3% | 26% |
Months Supply | 3.6 | 2.7 | 1.4 | -61% | -49% |
$/SF | 193 | 179 | 211 | 10% | 18% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 86 | 38 | 7 | -92% | -82% |
YTD Closed | 41 | 43 | 70 | 71% | 63% |
Months Supply | 17 | 4.6 | 0.6 | -96% | -86% |
$/SF | 292 | 267 | 249 | -14% | -7% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 66 | 44 | 23 | -65% | -48% |
YTD Closed | 16 | 23 | 45 | 181% | 96% |
Months Supply | 29 | 13 | 7.1 | -76% | -44% |
$/SF | 365 | 341 | 369 | 1% | 8% |
Although supply levels are half of what they were a year ago and a quarter the size of 2019, YTD sales are up 22% and 10%
compared to last year and 2019. Average sale price has risen steadily through the year, before peaking in September. While YTD
average sale price is up 12%, most of that increase is the result of a change in the mix of sales as opposed to rising values. The
number of upper-end sales has doubled in the past year and tripled since 2019. After dipping last year, over-$600k property values
have only increased 1% since 2019. Expect year-end activity and prices to settle due to limited inventory and buyer options.
Available Homes
-22% from last year
YTD Closed Sales
-12% from last year
YTD Avg Sale Price
+33% from last year
YTD Closed Volume
+17% from last year
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 369 | 161 | 126 | -66% | -22% |
YTD Closed | 560 | 631 | 554 | -1% | -12% |
Months Supply | 4.9 | 1.5 | 1.9 | -61% | 22% |
Avg. Sale Price | $523,490 | $590,672 | $786,689 | 50% | 33% |
$ Vol (million) | 293 | 373 | 436 | 49% | 17% |
2019 | 2020 | 2021 | ’21 V ’19 | ’21 V ’20 | |
Available | 88 | 29 | 16 | -82% | -45% |
YTD Closed | 218 | 217 | 123 | -44% | -43% |
Months Supply | 3.0 | 0.9 | 1.1 | -62% | 23% |
$/SF | 136 | 147 | 175 | 29% | 19% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 113 | 36 | 22 | -81% | -39% |
YTD Closed | 177 | 187 | 151 | -15% | -19% |
Months Supply | 4.8 | 1.2 | 1.1 | -78% | -10% |
$/SF | 206 | 229 | 231 | 12% | 1% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 68 | 33 | 30 | -56% | -9% |
YTD Closed | 97 | 121 | 120 | 24% | -1% |
Months Supply | 6 | 1.6 | 2.7 | -53% | 69% |
$/SF | 269 | 277 | 321 | 19% | 16% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 104 | 63 | 59 | -43% | -6% |
YTD Closed | 68 | 106 | 160 | 135% | 51% |
Months Supply | 9 | 3 | 2.8 | -70% | -3% |
$/SF | 356 | 382 | 460 | 29% | 20% |
Waterfront sales got off to a fast start early this year. Buyer competition drove up prices as upper-end buyers moved quickly
to pick up prime waterfront properties—April’s average sale price was just shy of a million dollars. Sold units temporarily
peaked in May and June with more of the mid-priced properties in the mix. Since July, the average sale price has been
hovering around $800k. Both the upper and lower ends of the market have seen the most appreciation with prices up about
20% in the past year and about 30% since 2019. In the past year, the $350-$600k market has had modest appreciation.
Available Homes
-38% from last year
YTD Closed Sales
-5% from last year
YTD Avg Sale Price
+20% from last year
YTD Closed Volume
+14% from last year
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 808 | 425 | 265 | -67% | -38% |
YTD Closed | 1788 | 1745 | 1666 | -7% | -5% |
Months Supply | 3.9 | 1.7 | 1.3 | -66% | -23% |
Avg. Sale Price | $246,917 | $277,478 | $332,737 | 35% | 20% |
$ Vol (million) | 441 | 484 | 554 | 26% | 14% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 256 | 105 | 61 | -76% | -42% |
YTD Closed | 738 | 569 | 341 | -54% | -40% |
Months Supply | 3.0 | 1.5 | 1.7 | -44% | 10% |
$/SF | 99 | 105 | 115 | 16% | 9% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 303 | 147 | 78 | -74% | -47% |
YTD Closed | 724 | 775 | 736 | 2% | -5% |
Months Supply | 3.6 | 1.3 | 0.9 | -76% | -33% |
$/SF | 135 | 141 | 169 | 25% | 19% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 146 | 80 | 53 | -64% | -34% |
Closed | 241 | 277 | 348 | 44% | 26% |
Months Supply | 5 | 1.7 | 1.1 | -79% | -32% |
$/SF | 151 | 157 | 191 | 27% | 22% |
2019 | 2020 | 2021 | ’21 v ’19 | ’21 v ’20 | |
Available | 112 | 98 | 80 | -29% | -18% |
YTD Closed | 85 | 124 | 241 | 184% | 94% |
Months Supply | 9 | 5 | 2.6 | -70% | -44% |
$/SF | 178 | 208 | 225 | 26% | 8% |
While prices have been on a steady rise, non-waterfront properties have not had the same jump in sales activity that they had in the third and fourth quarters of last year. YTD closed sales are down 5% and 7% compared to last year and 2019. Average price peaked in July at $360k before slightly tailing off—it fell just shy of $350k in October. In the past year, the middle price ranges have had appreciation rates of approximately 20% while the upper and lower price ranges have been slightly below 10%. Through the balance of the year, expect both sales and prices to temporarily dip as the market normalizes and seasonality returns.
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