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Northwest Michigan Q1 2019
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Summary
363
Available Properties
-18% from last year
108
YTD Closed Sales
+30% from last year
$228k
YTD Avg Sale Price
-9% from last year
$25m
YTD Closed Volume
+19% from last year
Monthly Activity
All
| Q1 2019 | Q1 2018 | 2019 vs 2018 | |
| Available | 363 | 443 | -18% |
| Closed | 108 | 83 | 30% |
| Months Supply | 10.1 | 16.0 | -37% |
| Avg. Sale Price | $228k | $250k | -9% |
| $ Vol (million) | 25 | 21 | 19% |
$10k – $125k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 65 | 109 | -40% |
| Closed | 26 | 28 | -7% |
| Months Supply | 7.5 | 11.7 | -36% |
| Value Change | 1% |
$125k – $200k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 57 | 61 | -7% |
| Closed | 27 | 23 | 17% |
| Months Supply | 6.3 | 8.0 | -20% |
| Value Change | -12% |
$200k – $350k
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 92 | 108 | -15% |
| Closed | 40 | 16 | 150% |
| Months Supply | 6.9 | 20.3 | -66% |
| Value Change | 19% |
$350k+
| Q2 2019 | Q2 2018 | 2019 vs 2018 | |
| Available | 149 | 165 | -10% |
| Closed | 15 | 16 | -6% |
| Months Supply | 29.8 | 30.9 | -4% |
| Value Change | 17% |
Condo sales doubled in March compared to February and are up 30% from last year. The additional sales, primarily in the middle price ranges between $125k and $350k, have been a factor in causing inventory to drop 18% compared to last year.
Despite the strong sales activity, average sale price slipped from $250k a year ago to $238k. That drop isn’t necessarily an indication of declining values. It was simply caused by the mix of sold units containing a higher percentage of smaller units than last year. Although average sale price dropped, the average price per square foot was up 5%.
Forty percent of the available listings are newly built 2018 and 2019 units with an average list price of $766k. With 30 months of high-end supply, developers will need to be creative in moving units—a potential opportunity for buyers.
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