Traverse City Record-Eagle

Business

June 10, 2014

Real estate sales in GT region drop 21%

TRAVERSE CITY — The Grand Traverse region’s latest residential sales statistics are a case of numbers not telling the full story, local real estate agents said.

New sales numbers from the Traverse Area Association of Realtors (TAAR) show residential unit sales plummeted 21 percent in May compared to the year prior. Only 236 residential units sold in May, compared to 300 residential units in May 2013.

Real estate agents said Monday the May statistics are proof that a cold, miserable May translated into frozen sales. The market today, they said, is warm, with demand outpacing the housing stock.

“It feels like it’s 80 percent higher,” said Meagan Luce, board president of TAAR and Century 21 Northland agent. “Everyone is so crazy busy.”

Real estate agent Shelly Brunette of Real Estate One agreed the region’s sales market is on the upswing. Brunette said downtown Traverse City residential remains strong and standalone or duplex-style condos in or near Traverse City are now an emerging market.

“My thoughts are the market is now stronger than it was last year,” Brunette said. “Our list price versus sale price has increased. What else has is days on market. When you are listing a home today, instead of thinking, ‘I hope I sell it in six to nine months,’ you are thinking, ‘I hope I have to place to go in 30 days.’”

Real estate agent Matt Dakoske said it’s not all red hot out there as far as sales. Waterfront real estate still has an ample supply of listings, he said.

“I am seeing a plateau,” Dakoske said. “The thing that’s most interesting to me is the waterfront housing -- there’s still a year’s plus supply of housing on the market.”

Last year was a record year for real estate sales in northern Michigan. Kim Pontius, executive vice president of TAAR, said the lower May numbers reflect the impact of the long winter combined with a basic leveling of what’s been a solid market.

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