Year-To-Date Market Snapshot --> How is the Leelanau real estate market in 2024? Average sales price is up but the median sales price is flirting with it's first decline since 2009.....
Year-To-Date Market Snapshot --> How is the Grand Traverse County real estate market in 2024? Price growth has slowed this year but all data is still trending up!
Happy Friday! Just a quick update on current data for #Leelanau & Grand Traverse home inventory | May 2019 ---> May 2024. TLDR - It's still a great time to be a Seller in this housing market with limited inventory compared to pre-pandemic levels.... Scroll down for Grand Traverse County.
Introduction: Discover the latest trends in Leelanau County's vacant land market with our detailed analysis of the 2023 year-end sales data. In this report, we delve into key statistics, including units sold and volume sold, current vacant land inventory levels, and we providing valuable insights into the real estate landscape in Leelanau County.
Overview: The data presented covers the period from January 1 to December 31, 2023, comparing vacant land sales statistics from 2013 to 2023 across various townships, including Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City in the southeast corner of Leelanau County.
Market Trends: Following a remarkable year in 2021, both 2022 and 2023 witnessed a return to the historical average for vacant land sales. The graphs illustrate a decline in units sold by 39.93% and a decrease in volume sold by 34.92%, reflecting a market correction after the record-setting sales of the previous year.
Building Permits and Construction Trends: Notably, Leelanau County experienced a downturn in building permits issued and their total value in 2023. This reversal can be attributed to the increased costs of construction materials and labor, leading to a slowdown in the demand for new construction projects throughout the county.
Data Source: Our comprehensive report is based on sales information obtained from the Northern Great Lakes Realtors MLS. It is important to note that undisclosed sales are not included in the data, ensuring transparency and accuracy. Please be advised that this information is for basic review purposes only, and while all efforts have been made to ensure accuracy, it cannot be guaranteed.
Contact Information: For further inquiries or to explore real estate opportunities in Leelanau County, feel free to contact Jonathan Oltersdorf of Oltersdorf Realty, LLC at:
Office Phone: 231-271-7777
Email: jonathan@oltersdorf.com
Stay informed and make well-informed decisions in the Leelanau County real estate market by following us on social media!
In 2023, Leelanau County witnessed a dynamic real estate landscape, with notable trends shaping the housing market. A staggering 62.5% of all homes sold in the county surpassed the $500,000 mark, reflecting a robust market for higher-end properties.
Pricing Dynamics: The predominant price range for home sales in Leelanau County during 2023 was $400,000-$500,000, indicating a significant demand for homes within this bracket. Following closely, the $300,000-$400,000 range also garnered substantial attention, showcasing a diverse range of properties catering to varying budget preferences.
Township Analysis: Among the Leelanau County townships, 2 stood out as the leader in residential real estate sales volume for 2023. Explore the following options and identify the township that experienced the highest real estate activity:
Elmwood
Glen Arbor
Suttons Bay
Leland
Empire
Conclusion: As you delve into the Leelanau County real estate landscape, these insights provide a comprehensive overview of the market dynamics in 2023. Whether you're interested in pricing trends or discovering the most active townships, this information serves as a valuable resource for anyone navigating the local housing market. Stay informed and make well-informed decisions in your real estate endeavors in Leelanau County by following Oltersdorf Realty on Facebook or Instagram.
This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com ๏ปฟ
Curious about how the Leelanau County Housing Market stacks up against the S&P 500 since 2006? Dive into the chart below for a detailed comparison of the annual average and median home sales prices in Leelanau County spanning from 2006 to 2023, juxtaposed with the year-end closing prices of the S&P 500 on December 31 each year. Explore the data and gain insights into Leelanau County's real estate trends.
In Leelanau County there were 357 residential home sales in 2023. 50% of all home purchases in 2023 in Leelanau County were bought with cash, up from 39% in 2022. This compares to Grand Traverse County which saw 35% of the houses bought with cash in 2023, up from 34% in 2022โฆ.
This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com ๏ปฟ
After historically low mortgage rates in 2021 it was not a surprise to see mortgage rates rise in 2022 as the fed fought inflation and the 10 year treasury rates increased throughout the year. However, it was very much a surprise to see mortgage rates in Leelanau County and throughout the nation climb to as high as almost 8% at one point in 2023 before declining slightly to end the year. We finished 2023 with a monthly average mortgage rate of about 6.81% which was the highest since 2006!
Monthly data dating back to 1971 can be found here: http://www.freddiemac.com/pmms/
12/1/2023 Leelanau County Vacant Land Inventory UPDATE! Although home inventory increased a small amount this year, vacant land inventory in Leelanau County remains at it's lowest level in 20+ years with just 120 available parcels on the market compared to 500+ parcels for sale in the summer of 2020 and nearly 1,000 parcels for sale during the summer of 2014!
11/29/23 Leelanau County Home Inventory UPDATE! Good news, inventory actually increased in 2023!!! Throughout 2016-2020 we saw between 325-450 active houses on the market in the peak of summer, that number dropped to just 125 during the summer of 2021 and the summer of 2022 but INCREASED to about 175 available houses during the summer of 2023. This summer we went from 1-2 months up to 2-3 months of inventory of residential real estate in Leelanau County. Months of inventory is the relationship of sales pace to the number of properties currently on the market if no additional homes were added to the supply. Most economist agree that 6 months of inventory is a balanced market, less is a Sellerโs market, and more than 6 months is a Buyerโs market. Note: The data is only for Leelanau County.
Year-To-Date Market Snapshot --> How is the #Leelanau real estate market in 2023? Inventory is slowly increasing (finally) and the median sale price is +7.21% over what we saw at this time last year....
In 2022, only 46.0% of Leelanau County's residential properties were designated as primary homes. This statistic has remained relatively unchanged for over a decade, despite the growth of short-term rental platforms such as Airbnb and VRBO. Historically, Leelanau County has always been a popular destination for 2nd home owners and seasonal properties. While the number of short-term rentals has increased, data suggests that these properties are mostly being converted from second homes or traditional long-term rentals, not primary residences.
Leelanau County home inventory remains near itโs lowest level since our data began! Back in 2009-2011 we had a 2-4 year supply of existing homes on the market. Fast forward to 2021-2022 where we saw record low inventory resulting in just a 1-2 month supply of available houses. This record low inventory in 2022 resulted in just 15% of the total amount of houses come on the market that we saw in 2010. Currently in January 2023 we have a 1 month supply of available existing homes with less than 34 available houses on the market throughout the entire county and only 20 listed for sale <$1 million. Most real estate economists consider a 6 month supply to be a balanced market which we are well short of and likely will be throughout at least 2023.
Where did 2022 Leelanau County homebuyerโs come from? In 2022 there were 333 buyers of residential real estate within Leelanau County. Although the data is not perfect we are able to break down those buyers by the zip code location that they use as their primary mailing address at time of purchase. In 2022 40.80% of Buyers have come from a zip code within Leelanau County or Grand Traverse County. Historically our buyers have come from within a 6 hour drive but as you can see in the chart above we are starting to get more homebuyerโs from other areas in the United States, especially out west in Colorado, California, and Texas.
61.5% of all 2022 Leelanau County homes sales sold for more than $500,000. Leland and Glen Arbor Township combined for 32% of all residential sales volume, and 32% of all home sales were waterfront or condominiums. Purchasing a home in the first 9 months of 2022 often led to multiple offers due to extremely low home inventory, especially at entry level pricing or within the waterfront market. The market did see a slow down towards the end of 2022 as inventory numbers decreased heading into winter.
This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com ๏ปฟ
39% of all home purchases in 2022 in Leelanau County were bought with cash, down from 43% in 2021. This compares to Grand Traverse County which had 34% of the houses bought with cash in 2022, up from 30% in 2021.
This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales and fractional ownership sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com ๏ปฟ
How does the Leelanau County Housing Market compare to the S&P 500 dating back to 2004? Check out the chart above to see the yearly average and median home sales price in Leelanau County compared to the year-end S&P 500 closing price on December 31 each year.
The 2022 year end (January 1 โ December 31) home sales data have been posted in the charts above. The home sales statistics compare real estate housing sold in Leelanau County from January 1, 2022 through December 31, 2022 to the same time period in 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.
Overall Leelanau County residential home sales in 2022 continued to set new all-time record highs in pricing although total inventory and sales are trending much lower. In 2022 Leelanau County Home Sales Average Price increased +26.28%, Median Price increased +9.42%, Sales Volume decreased -11.47%, and Units Sold decreased -29.89%.
This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2022. Undisclosed sales and fractional ownership are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com
The 2022 year end (January 1 โ December 31) vacant land sales data have been posted in the graphs above. The vacant land sales statistics compare real estate vacant parcels sold in Leelanau County from January 1, 2004 through December 31, 2022. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.
After a huge record setting year in 2021 vacant land sales throughout 2022 reverted back towards the yearly average but still came in with the 2nd highest volume sold all time.
The total number of building permits issued throughout Leelanau County and the total value of those building permits also took a step back in 2022. Builders have struggled to keep up with the building demand.
This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com ๏ปฟ
The 2022 year-end (January 1 โ December 31) home sales data for Grand Traverse County has been posted in the charts above. The home sales statistics compare real estate housing sold in Grand Traverse County from January 1, 2022 through December 31, 2022 to the same time period in 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City.
Overall Grand Traverse County residential home sales in 2022 continued to set new all-time record highs in pricing. In 2022 Grand Traverse County Home Sales Units Sold decreased -15.18% due to lack of inventory, Volume Sold decreased -2.58%, Average Sales Price increased +14.87%, and Median Sales Price increased +15.78%.
This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2022. Undisclosed sales and fractional ownership are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com
After historically low mortgage rates in 2021 it was no surprise to see mortgage rates rise in 2022 as the fed fought inflation and the 10 year treasury rates increased throughout the year. After starting 2022 at 3.22% for a 30 year fixed rate the first week of the the year, we ended with rates at 6.42% the last week of the year. Overall weekly average for the year was about 5.30%.
Monthly data dating back to 1971 can be found here: http://www.freddiemac.com/pmms/
