Leelanau County Home Inventory 2004-2022

Leelanau County Home Inventory 2004-2022

Leelanau County home inventory remains near it’s 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 Homebuyer's come from?

Where did 2022 Leelanau County homebuyer’s 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 homebuyer’s from other areas in the United States, especially out west in Colorado, California, and Texas.

What did Leelanau County Homebuyer’s Purchase in 2022?

In Leelanau County there were 333 residential home sales in 2022. What did Leelanau County home buyer’s purchase last year?

(click photos below to enlarge)

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 

2022 Leelanau Home Buyer's - Cash or Financing?

In Leelanau County there were 333 residential home sales in 2022. Did they buy with cash or use financing?

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 

2022 Leelanau County Waterfront Home Sales

2022 Leelanau County Year-End Waterfront Home Sales Data

Leelanau County Private Waterfront Home Sales data 2005-2022 for houses with direct private water frontage on Lake Michigan, West Bay, West Grand Traverse Bay, Grand Traverse Bay, Suttons Bay, Omena Bay, Northport Bay, Big Glen Lake, Little Glen Lake, Glen Lake, North Lake Leelanau, South Lake Leelanau, Lake Leelanau, Little Traverse Lake, and Lime Lake. This includes Traverse City, Suttons Bay, Omena, Northport, Leland, Lake Leelanau, Cedar, Maple City, Glen Arbor, and Empire. The data includes only homes with private direct water frontage. This excludes condominiums and homes with shared access, creek frontage, river frontage, and pond frontage, and also excludes fractional ownership.

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

Leelanau Home Sales vs S&P 500

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.

2022 Leelanau County Year-End Home Sales Data

2022 Leelanau County Year-End Home Sales Data
(click photos below to enlarge)

The 2022 year end (January 1 – 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

6140 S West Bay Shore Drive, Traverse City – SOLD

SOLD TRAVERSE CITY WATER RANCH HOME

LISTED & SOLD by Oltersdorf Realty LLC on 1/19/2023
6140 S West Bay Shore Drive, Traverse City, MI – 3 Bedroom, 3.5 Bath Ranch Home with Detached Workshop
Asking Price: $580,000

One level living is enjoyed within this 3 bedroom, 3.5 bath ranch home offering 2,136 sq ft of finished living area, an open great room with vaulted beamed ceilings, family room/den with built-ins (could be converted to a 4th bedroom), beautiful LaFata hickory kitchen cabinetry, and a large master bedroom with 2 en-suite full baths! Quality features throughout include West Bay views, 2x6 construction, Andersen and Pella windows, newer shingles and mechanicals, spacious front and rear decks, wonderful storage, 2 car insulated attached garage and a 1,040 sq ft heated detached stick built workshop/garage on ~2.00 acres! Step outside to a private park like rear yard backing to woods in a wonderful location just 0.5 miles to a waterfront township park with a sandy beach on West Bay (Boughey Park) and within 1.5 miles of a public boat launch on West Bay (Hilltop Road). Situated just 9 miles north of Traverse City in beautiful Leelanau County!

2022 Leelanau County Year-End Vacant Land Sales Data

2022 Leelanau County Year-End Vacant Land Sales Data

Units Sold: -32.52%
Volume Sold: -32.72%

(click photos below to enlarge)

The 2022 year end (January 1 – 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 

10829 Talon Court, Traverse City - SOLD

SOLD TRAVERSE CITY WATER VIEW HOME

SOLD by Oltersdorf Realty LLC on 1/13/2023
10829 Talon Court, Traverse City, MI - Water View Home with 272’ Shared Frontage on East Bay and Boat Dockage!
Asking Price: $1,400,000

Stunning views of East Grand Traverse Bay are enjoyed from throughout this 4 bedroom, 2.5 bath, 4131+ sq ft home in desirable Eagles Landing on Old Mission Peninsula! Additional home features include 1.36 acres, 272’ of shared East Bay Frontage, private boat dockage/slip, and so much more!

2022 Grand Traverse County Home Sales Data

2022 Grand Traverse County Year-End Home Sales Data
(click photos below to enlarge)

The 2022 year-end (January 1 – 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  

2023 Current Lake Michigan Water Levels

2023 Current Lake Michigan Water Levels

Lake Michigan Water Levels Down -7 Inches in 12 Months

For the 3rd year in a row the good news continues for many waterfront property owners on Lake Michigan as the most recent readings indicate that water levels are now -7 inches lower compared to this time in 2022 and -32 inches lower than this time in 2020! January 2020 - July 2020 saw record high water levels on Lake Michigan.

The United States Army Corps of Engineers collects and publishes current / past Lake Michigan water level data which is very important to many property owners in Leelanau County & Grand Traverse County who own real estate on Lake Michigan or Grand Traverse Bay. Their last reading took place on January 14, 2022.  

January 13, 2023                   578.87 feet

Difference from January 13, 2022: -7 inches

Difference from long term average: +5 inches

Difference from highest monthly average (2020): -32 inches

Difference from lowest monthly average (2013): +34 inches

Projected change in levels by Feb 13, 2023:  -1 inches

For more information on current & past historic records regarding the Great Lakes Water Levels please visit: http://www.lre.usace.army.mil/Missions/Great-Lakes-Information/Great-Lakes-Water-Levels/Water-Level-Forecast/Weekly-Great-Lakes-Water-Levels/

3490 S Center Otto Road, Suttons Bay - SOLD

SOLD SUTTONS BAY VACANT ACREAGE

LISTED & SOLD by Oltersdorf Realty LLC on 1/13/2023
3490 S Center Otto Road, Suttons Bay, MI - Vacant 22.50 Acre Parcel
Asking Price: $665,000

898 N Bay Cliff Drive #26, Suttons Bay – SOLD

SOLD SUTTONS BAY BAY CLIFF CONDOMINIUM

LISTING SOLD by Oltersdorf Realty LLC on 1/12/2023
898 N Bay Cliff Drive #26, Suttons Bay, MI – Walkout Ranch Condominium with Partial Water View & 2 Car Garage
Asking Price: $649,000

This impressive transitionally styled condominium with an attached 2 car garage offers 2,563 sq. ft. of spacious finished living area, an open great room featuring a living room with cathedral ceilings & natural gas fireplace, roomy kitchen with breakfast bar, maple cabinetry, granite countertops, and stainless steel appliances, main level master bedroom suite with cathedral ceilings, private bath with wonderful whirlpool tub and walk-in shower, granite countertops, and a total of 4 bedrooms (2 on the main floor), 3 baths, and main floor laundry! The partially finished walkout lower level offers 2 bedrooms and a full bath, a large family room and ~661+ sq. ft. of unfinished storage space! A wonderful quiet location in an established community of waterfront and water view condominiums! Fantastic association amenities include: 1200' of shared sandy beach frontage, clubhouse, swimming pool, hot tub, and potential for private marina slip lease, tennis/pickle ball courts, and a catch & release pond. All within the Village of Suttons Bay and its popular restaurants, shopping, library, and theatre!

Current Mortgage Rates - January 2023

Annual Average 30 Year Fixed-Rate Mortgage Rates

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/

Our 2022 Sales!

41 Transactions
$25,034,500 Sales Volume
And with that, it’s a wrap on 2022!

11568 E Casperson Road, Northport – SOLD

SOLD NORTHPORT WATER VIEW HOME

LISTING SOLD by Oltersdorf Realty LLC on 1/6/2023
11568 E Casperson Road, Northport, MI – 3 Bedroom Home on 8.67 Acres with Year-Round Bay Views!
Asking Price: $459,000

Incredible year-round picture-perfect Bay views are enjoyed from throughout this charming turn-key vacation retreat or primary home situated on 8.67 acres! This 3 bedroom, 2 bath home features 1,300+ sq ft of finished living area, an open great room with vaulted ceilings and cherry hardwood flooring, a cozy wood burning natural fireplace, spacious waterside composite deck with views for miles, central air conditioning, gas forced air heating, newer roof, newer septic & well, cable high speed internet/tv, and so much more!  The 8.67 acre parcel offers room to roam and a variety of potential land division options, has direct pond frontage, and is situated just south of the delightful Village of Northport. Short term rentals are allowed in Leelanau Township (with a rental permit). Buyer should confirm all land division options and short term rental requirements with the zoning department. Time to start making your very own Leelanau County memories!

Lot 24 – S Bay Valley Drive, Suttons Bay – SOLD

SOLD SUTTONS BAY WATER VIEW PARCEL

LISTING SOLD by Oltersdorf Realty LLC on 1/6/2023
Lot 24 – S Bay Valley Drive, Suttons Bay, MI – 2.77 Acre Water View Lot + 800' of Shared West Bay Water Frontage!
Asking Price: $175,000

Rare opportunity to own nearly 3 acres with year-round West Grand Traverse Bay views and water access within a quick 15 minute drive to Downtown Traverse City!  This beautiful 2.77 acre property features gently sloping topography ideal for a walkout basement and is situated within a short walk of the 800 feet of shared waterfrontage on West Grand Traverse Bay (boat dockage allowed)! Association amenities include shared beachfront, paved private roads, and underground utilities including natural gas & cable internet/tv. Located just 5 miles south of Suttons Bay within a wonderful private neighborhood of large acreage building sites and premier quality homes! Minimum 1,650 sq ft finished above grade, and 1,200 minimum sq ft on the main floor for a multi-story home. Outbuildings allowed with approval. WHAT A VIEW!

4801 S Manor, Cedar - SOLD

SOLD CEDAR RANCH HOME

SOLD by Oltersdorf Realty LLC on 12/21/2022
4801 S Manor, Cedar, MI - 3 Bedroom & 2 Bath Ranch on 0.58 Acres!
Asking Price: $379,000

Move-in ready 1,400 sq ft ranch home featuring 3 bedrooms & 2 baths on the main floor, large attached 2 car garage, full unfinished basement with an egress window and framed walls, all on 0.58 acres in a quiet location on a county maintained road close to Good Harbor Beach and Lake Michigan!