December 15, 2023
Home sales in November have been a relatively stable market in terms of the number of units sold. There were 207 home sales in the five-county region last month, which is about the same as the 211 home sales in November 2022. Both of these numbers are lower than in November, nearly a decade ago, through November 2013, when 191 homes were sold. . Sales in Grand Traverse and Kalkaska counties were down slightly, Antrim and Leelanau counties were up slightly, but sales in Benzie were about the same.
Despite rising interest rates, continued demand has kept market inventories tight and prices continue to rise. Total sales for the region were $108,524,984, higher than last year’s $92,341,266, but below the 2021 and 2020 records of $136,638,838. However, the upward price trend seen in recent years continues, with the five-county average price reaching a new high of $524,275, compared to last November’s average price of $437,636 and November 2021’s average price of $437,636. It surpassed the previous high of $447,557 for the month.
Luxury home sales continue to drive prices higher, with 35 homes sold for $750,000 last month, compared to 20 last November and 30 in 2021. The total in past years has been even lower, with a recent low of just nine cases in 2018. Every county except Leelanau had a higher average price than his November 2022 price, and only his November 2022 price of $796,494 was higher than his average price of $738,077. Only Antrim boasts a higher historical average price than this year’s $580,291, with the highest price set in November 2021 at $856,937. .
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