Market Conditions for Elk Rapids

July 2018

Median Sale Price

$150,500

DOWN DOWN -65.06% vs. Month Ago

Homes For Sale

20

DOWN DOWN -13.04% vs. Month Ago

Homes Sold

4

DOWN DOWN -33.33% vs. Month Ago

Average Days On Market

186

UP UP 210.00% vs. Month Ago

Median Sale Price

$150,500

The median sale price for homes in July was $150,500. The median sales price for homes in July fell by ($280,250) compared to last month. This represents a 65.06% decrease from June. Compared to the same month last year, the median price of homes fell by ($101,500) representing a -40.27% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale

20

The inventory of homes for sale fell by 3 in July to 20. This represents 13.04% decrease from June when 23 homes were on the market.Compared to the same month last year when there were 41 homes for sale, the inventory of homes for sale has fallen by fallen by 21 representing a -51.21% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold

4

The 4 homes sold in July was 2 less than in June. This represents a 33.33% decrease in sales from June. Compared to the same month last year, the number of homes sold decreased by 5, a -55.55% year-over-year decrease.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market

186

The average days on market for a home sold in July (186) increased by 126 days compared to June. This represents a 210% increase in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold increased by 66, a 55% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

94.13%

The Sale/List Price Ratio of 94.13% in July fell by 4.02% compared to June and decreased 1.75% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes

3

The number of homes listed in July (3) remained level Compared to July 2017, the number of new listings decreased by 10, a -76.92% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price

$300,000

The median list price in July was $300,000. The median list price for homes in July rose by $20,100 compared to last month. This represents a 7.18% increase from June. Compared to the same month last year, the median list price of homes increased $65,000 representing a 27.65% year-over-year increase.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.