As of today, August 21, 2009, Traverse City now has an active 3G network - Finally! http://www.oltersdorf.com
National Home Sales July 2009
As a follow-up to my previous posted entry regarding Traverse City area home sales statistics for July 2009, the National Association of Realtors® have announced the national statistics for July and the numbers look great! For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
“Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.
You can read the full article on the NAR site by clicking HERE.
Traverse City, July 2009 Home Sales
Home sales statistics have been finalized for closed sales during July of 2009. I have compared them to June of 2009 and July of 2008 for the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).
| 5-County Area | Sold Homes | Dollar Volume | Average Price | Median Price | |
| JULY 2009 | 198 | $38,330,997 | $193,591 | $140,500 | |
| JUNE 2009 | 195 | $38,997,270 | $199,986 | $143,000 | |
JULY 2008 | 180 | $40,424,955 | $224,583 | $154,900 | |
This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from July 2008, June 2009, and July 2009. Undisclosed sales are not included in the data.
When comparing July 2009 to July 2008, home sales have actually increased over the past year from 180 closed transactions in 2008 to 198 in 2009. As expected Dollar Volume, Average Price, and Median Price have dipped as the bottom of the market is seeing the most activity.
EDIT: There were 51 bank owned sales in July which resulted 25.75% of total sales. Looking back at June-2009, bank owned properties were 29% of total home sales.
-Jonathan Oltersdorf
http://www.oltersdorf.com
Traverse City, Buy Now-Retire Later
Traverse City is once again getting national attention for young retirees as it was recently named one of the best 5 places to retire in the country, this time by USA Weekend. The rankings are compiled based on recreation, weather, health resources, crime and cost of living. With prices so low, (median home price around $130,000) many people in their late 50’s are hoping to buy now before the economy rebounds and then retire to the area permanently within a couple of years. The full article can be found HERE.
Source: USA Weekend, Reyhaneh Fathieh (07/26/2009)