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The Traverse City Real Estate Market - How bad is it?

The Traverse City Market - Just how bad is it? Is it as bad as the media makes it sound? You tell me. Take a look at the recently published statistics for sales as of June (Year to Date) of the Traverse Area Association of Realtors below.

** UPDATED July 3, 2008 ***

JUNE YTD

No. of Res. Units Sold

Avg Selling Price

Median Sale Price

2008

860

$194,676

$146,250

2007

980

$215,584

$157,862

2006

1,029

$217,237

$162,650

2005

1,078

$205,715

$158,000

2004

1,061

$205,978

$155,000

2003

997

$189,605

$144,000

SOURCE: Traverse Area Association of Realtors

The average price of a single family home have only dropped 11% from the high in 2006. The number of units sold is down 19% from the high in 2005. That is only down 12% from last year. Overall this is not nearly as bead as the media might make us believe. Based on the national average I think it is safe to say we are doing quite well.

My advice is to stop watching the news and invest in Traverse City. Prices are at a record lows and sellers are motivated so lets get out there and stimulate the economy.

Posted Wednesday Oct 08