TRAVERSE CITY — Make no mistake about it: residential real estate is back in northern Michigan.
The latest monthly statistics released by the Traverse Area Association of Realtors show yet another jump in residential sales figures. The association reports 280 residential units sold in the area in June 2013, representing an 8.5 percent jump from June 2012.
The figures represent sales in Benzie, Leelanau, Grand Traverse, Antrim and Kalkaska counties.
Perhaps more telling are year-to-date sales numbers, which show 1,283 residential units changed hands from January to June 2013. That’s a 38 percent jump from two years ago for the same time frame, when 932 units moved.
“It’s a great market if your house is priced right,” said Ken Kleinrichert, an associate broker at Coldwell Banker Schmidt Realtors. “It’s equivalent to 2006 when things were peaking, as far as activity.”
The average sale price of homes also rose in June, from $196,658 in 2012 to $219,411 in June 2013. That’s an 11.5 percent spike.
“Under $225,000, you have a seller’s market,” Kleinrichert said, adding “above that it’s pretty even.”
Kimberly Pontius, president of TAAR, said “Second home activity is really starting to kick into gear.”