ELK RAPIDS — Steve Parafin calls it a “small boom market.”
The Elk Rapids real estate agent with 45th Parallel Realty said the state and national economy remains a bit shaky, but three factors have led to increased activity in the local housing market:
“Great (interest) rates, it’s still the lowest prices in 10 years ... and pent-up demand.”
The Traverse Area Association of Realtors reports housing sales increased 22 percent last year, totaling $553 million. Home prices averaged $204,000, less than the start of the economic downturn.
Real estate agents said buyers are taking advantage of a great time to buy homes in the Grand Traverse region, and new residential construction could follow as homes come off the market. See today’s Business section for additional details.