Petoskey Real Estate Market Year End Report

Petoskey real estate sales volume decreased in 2007 from 2006, which is not a surprise based upon the weak state and local economies. Unit sales of single family homes and condominiums in the Petoskey School District decreased to 255 units from 282 units, a decline of over 9%. Petoskey home sales by dollar volume also fell, from $98,896,350 in 2006 to $82,476,049 in 2007, a decline of more than 16%.

Despite the decline in sales activity for Petoskey homes and condominiums, the median Petoskey home price actually increased by just under 1%, from $188,500 in 2006 to $190,000 in 2007. Average days on market was almost unchanged, from 200 days in 2006 to 199 days in 2007 for those homes which sold. The average price paid for a Petoskey home dropped from $350,696 in 2006 to $323,435 in 2007.

Note: Based on information obtained from the Northern Michigan Multiple Listing Service for the period from January 1, 2006 - December 31, 2007.