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Has Hot Real Estate Market Cooled? The Numbers Are In. – Traverse City Ticker

Has the blazing hot local real estate market suddenly cooled? The latest numbers are in, and home sales slowed in July versus the same period in previous years. They were down in each of the five counties served by Aspire North. Overall, the 314 sales were a drop of 97 from 2020’s 411. Last month’s figures were below all those of the previous seven years save one: July home sales totaled 406 in 2019, 310 in 2018, 326 in 2017 and 330 in 2016, 309 in 2015 and 306 in 2104. In Grand Traverse County, they dropped to 161 from 216 in July 2020.

There was a corresponding drop in the dollar volume, with five-county sales last month of $135,885,161, down from $152,585,259. The average sale price, however, jumped to $432,755 from $371,253 in July 2020. The biggest jumps came in Grand Traverse County, up almost $100,000 ($440,437 vs. $343,827), and Antrim, which jumped to $437,238 from $377,514 in July 2020. By contrast, the average price in Leelanau County dropped to $544,950 last month versus $603,075 for the month of July last year.

The number of days a home was on the market is the lowest on record, an average of 57 days in July. It was 95 in July 2020, and over 100 days in every other July. Every county saw that number drop, with the biggest change in Antrim, dropping to 59 days from 140.

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