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Northwest Michigan Q3 2019
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Summary
400
Available Properties
-2% from last year
421
YTD Closed Sales
+14% from last year
$246k
YTD Avg Sale Price
-1% from last year
$103m
YTD Closed Volume
+14% from last year
Monthly Activity
All
| Q3 2019 | Q3 2018 | 2019 vs 2018 | |
| Available | 400 | 409 | -2% |
| Closed | 186 | 152 | 22% |
| Months Supply | 6.5 | 8.1 | -20% |
| Avg. Sale Price | $248k | $246k | 1% |
| $ Vol (million) | 46 | 37 | 23% |
$10k – $125k
| Q3 2019 | Q3 2018 | 2019 vs 2018 | |
| Available | 54 | 84 | -36% |
| Closed | 32 | 26 | 23% |
| Months Supply | 5.1 | 9.7 | -48% |
| Value Change | -3% |
$125k – $200k
| Q3 2019 | Q3 2018 | 2019 vs 2018 | |
| Available | 74 | 59 | 25% |
| Closed | 50 | 59 | -15% |
| Months Supply | 4.4 | 3.0 | 48% |
| Value Change | -12% |
$200k – $350k
| Q3 2019 | Q3 2018 | 2019 vs 2018 | |
| Available | 90 | 98 | -8% |
| Closed | 75 | 40 | 88% |
| Months Supply | 3.6 | 7.4 | -51% |
| Value Change | 2% |
$350k+
| Q3 2019 | Q3 2018 | 2019 vs 2018 | |
| Available | 182 | 168 | 8% |
| Closed | 29 | 27 | 7% |
| Months Supply | 18.8 | 18.7 | 1% |
| Value Change | 11% |
Condo inventory is down by just a few units compared to this time last year.
With the help of strong sales in July and August, third quarter sales were up 22% compared to the third quarter last year. Average price for the quarter was up just 1%.
YTD sales and closed volume are up 14%, but the average sale price of $246k dropped slightly from $247k last year.
The $200k to $300k market was hot in the third quarter as sales jumped from 40 units a year ago, to 75. Despite the increase in sales, values were relatively flat.
Sales in the $125k to $200k range dropped from 59 to 50 and average price per square foot for those units fell 12%.
The upper-end market suffers from over-supply. With 182 listings priced over $350k, there were only 29 third quarter and only 67 YTD closed sales. YTD average market times have jumped from 146 days a year ago to 185 days.
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