TRAVERSE CITY — Residential real estate sales in the Grand Traverse region dropped by 21 percent in May compared to the year prior, but sale prices remain strong.
The latest statistics from the Traverse Area Association of Realtors (TAAR) indicate 236 residential units sold in May in Grand Traverse, Leelanau, Benzie, Kalkaska and Antrim counties. That is a significant drop from May 2013, when 300 homes sold.
Averages sale and median prices rose, though, despite the lower number of units sold. The average sale price for residential units in May was $219,995, up by a little more than 1 percent from a May 2013 average sale price of $216,825.
The median sale price for May of this year was $177,500, up 9 percent from 2013.
The slower sales volume follows a record year in real estate sales for the region. The final sales numbers for 2013 were the best since TAAR started tracking sales data.
Read more in Tuesday’s Record-Eagle.