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Northwest Michigan Q3 2021

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5 County Condo Summary

82

Available Homes
-64% from last year

542

YTD Closed Sales
+22% from last year

$295K

YTD Avg Sale Price
+12% from last year

$160M

YTD Closed Volume
+36% from last year

Monthly Activity

All

201920202021’21 v ’19’21 v ’20
Available37122882-78%-64%
YTD Closed49444654210%22%
Months Supply6.33.51.6-74%-53%
Avg. Sale Price$249,517$263,071$294,55218%12%
$ Vol (million)12311716030%36%

>$10k – $200k

201920202021’21 v ’19’21 v ’20
Available1107622-80%-71%
YTD Closed221203204-8%0%
Months Supply4.92.61.4-71%-44%
$/SF122117119-3%2%

>$200k – $400k

201920202021’21 v ’19’21 v ’20
Available1056628-73%-58%
YTD Closed2161772233%26%
Months Supply3.62.71.4-61%-49%
$/SF19317921110%18%

>$400k – $600k

201920202021’21 v ’19’21 v ’20
Available86387-92%-82%
YTD Closed41437071%63%
Months Supply174.60.6-96%-86%
$/SF292267249-14%-7%

>$600k+

201920202021’21 v ’19’21 v ’20
Available664423-65%-48%
YTD Closed162345181%96%
Months Supply29137.1-76%-44%
$/SF3653413691%8%

Although supply levels are half of what they were a year ago and a quarter the size of 2019, YTD sales are up 22% and 10%
compared to last year and 2019. Average sale price has risen steadily through the year, before peaking in September. While YTD
average sale price is up 12%, most of that increase is the result of a change in the mix of sales as opposed to rising values. The
number of upper-end sales has doubled in the past year and tripled since 2019. After dipping last year, over-$600k property values
have only increased 1% since 2019. Expect year-end activity and prices to settle due to limited inventory and buyer options.

 

5-County Waterfront Summary

126

Available Homes
-22% from last year

554

YTD Closed Sales
-12% from last year

$787K

YTD Avg Sale Price
+33% from last year

$436M

YTD Closed Volume
+17% from last year

Monthly Activity

All

201920202021’21 v ’19’21 v ’20
Available369161126-66%-22%
YTD Closed560631554-1%-12%
Months Supply4.91.51.9-61%22%
Avg. Sale Price$523,490$590,672$786,68950%33%
$ Vol (million)29337343649%17%

>$10k – $350k

201920202021’21 V ’19’21 V ’20
Available882916-82%-45%
YTD Closed218217123-44%-43%
Months Supply3.00.91.1-62%23%
$/SF13614717529%19%

>$350k – $600k

201920202021’21 v ’19’21 v ’20
Available1133622-81%-39%
YTD Closed177187151-15%-19%
Months Supply4.81.21.1-78%-10%
$/SF20622923112%1%

>$600k – $900k

201920202021’21 v ’19’21 v ’20
Available683330-56%-9%
YTD Closed9712112024%-1%
Months Supply61.62.7-53%69%
$/SF26927732119%16%

>$900k+

201920202021’21 v ’19’21 v ’20
Available1046359-43%-6%
YTD Closed68106160135%51%
Months Supply932.8-70%-3%
$/SF35638246029%20%

Waterfront sales got off to a fast start early this year. Buyer competition drove up prices as upper-end buyers moved quickly
to pick up prime waterfront properties—April’s average sale price was just shy of a million dollars. Sold units temporarily
peaked in May and June with more of the mid-priced properties in the mix. Since July, the average sale price has been
hovering around $800k. Both the upper and lower ends of the market have seen the most appreciation with prices up about
20% in the past year and about 30% since 2019. In the past year, the $350-$600k market has had modest appreciation.

 

5-County Non-Waterfront Summary

265

Available Homes
-38% from last year

1,666

YTD Closed Sales
-5% from last year

$333K

YTD Avg Sale Price
+20% from last year

$554M

YTD Closed Volume
+14% from last year

Monthly Activity

All

201920202021’21 v ’19’21 v ’20
Available808425265-67%-38%
YTD Closed178817451666-7%-5%
Months Supply3.91.71.3-66%-23%
Avg. Sale Price$246,917$277,478$332,73735%20%
$ Vol (million)44148455426%14%

>$10k – $200k

201920202021’21 v ’19’21 v ’20
Available25610561-76%-42%
YTD Closed738569341-54%-40%
Months Supply3.01.51.7-44%10%
$/SF9910511516%9%

>$200k – $350k

201920202021’21 v ’19’21 v ’20
Available30314778-74%-47%
YTD Closed7247757362%-5%
Months Supply3.61.30.9-76%-33%
$/SF13514116925%19%

>$350k – $500k

201920202021’21 v ’19’21 v ’20
Available1468053-64%-34%
Closed24127734844%26%
Months Supply51.71.1-79%-32%
$/SF15115719127%22%

>$500k+

201920202021’21 v ’19’21 v ’20
Available1129880-29%-18%
YTD Closed85124241184%94%
Months Supply952.6-70%-44%
$/SF17820822526%8%

While prices have been on a steady rise, non-waterfront properties have not had the same jump in sales activity that they had in the third and fourth quarters of last year. YTD closed sales are down 5% and 7% compared to last year and 2019. Average price peaked in July at $360k before slightly tailing off—it fell just shy of $350k in October. In the past year, the middle price ranges have had appreciation rates of approximately 20% while the upper and lower price ranges have been slightly below 10%. Through the balance of the year, expect both sales and prices to temporarily dip as the market normalizes and seasonality returns.

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