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Northwest Michigan Year-End 2019
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Summary
355
Available Properties
-14% from last year
574
YTD Closed Sales
+20% from last year
$250k
YTD Avg Sale Price
+4% from last year
$143m
YTD Closed Volume
+25% from last year
Monthly Activity
All
| Q1 | Q2 | Q3 | Q4 | Total | 2019 vs 2018 | |
| Units | 109 | 128 | 197 | 140 | 574 | 20% |
| Avg Sale Price | $228k | $257k | $252k | $257k | $250k | 4% |
| $ Vol (million) | $25m | $33m | $50m | $36m | $143m | 25% |
| DOM | 232 | 113 | 149 | 200 | 169 | 8% |
$10k – $125k
| Q1 | Q2 | Q3 | Q4 | Total | 2019 vs 2018 | |
| Units | 26 | 15 | 33 | 19 | 93 | -17% |
| DOM | 317 | 124 | 229 | 290 | 249 | 20% |
| $ Change | -5% |
$125k – $200k
| Q1 | Q2 | Q3 | Q4 | Total | 2019 vs 2018 | |
| Units | 27 | 44 | 54 | 39 | 164 | 20% |
| DOM | 165 | 87 | 67 | 116 | 100 | -24% |
| $ Change | 0% |
$200k – $350k
| Q1 | Q2 | Q3 | Q4 | Total | 2019 vs 2018 | |
| Units | 41 | 46 | 80 | 58 | 225 | 55% |
| DOM | 254 | 116 | 141 | 231 | 179 | 29% |
| $ Change | 12% |
$350k+
| Q1 | Q2 | Q3 | Q4 | Total | 2019 vs 2018 | |
| Units | 15 | 23 | 30 | 24 | 92 | 11% |
| DOM | 143 | 148 | 231 | 191 | 186 | 17% |
| $ Change | 12% |
Historic highs were set in 2019 for closed volume, average sale price and price per square foot. New condo developments, which have been coming online the past few years are largely responsible for the boost in sales and prices, but there is a price disconnect between the available and sold listings. Fifteen percent of last years sales were new construction units with an average sale price of $307k ($254/sf). But 28% of current active listings are new units with an average list price of $762k ($510/sf). While affordable new units have been selling, there are 17 over-$1m new construction listings leftover from last year—and only one sold in 2019
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