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    2020 Northern Michigan Real Estate Stats: The Good, The Bad, and the Unbelievable

    2020 has been a year of incredible ups and downs for the northern Michigan real estate market. In a year marked with uncertainty, of shrinking inventory, plummeting interest rates, and one of the most competitive seller’s markets most of us can remember, the numbers for (most of) 2020 are here.

     

    Let’s take a look at the overall performance of our market and a breakdown of the numbers by county.

     

     

     

     

     

    How Did The Real Estate Market Perform in 2020?  Surprisingly Well.

    You’d think with a global pandemic, economic uncertainty civil unrest in many places in the country, and a presidential election cycle that has been anything but smooth that home buying and selling would be slow as people wait to see what is going to happen in the world. If you thought that, you’d be wrong. 

    The total number of homes sold in Grand Traverse, Leelanau, Antrim, and Benzie Counties is down slightly for the year, (a projected 3,041 single-family homes compared to 2019’s total of 3,107), but the projected average sale price for the year is through the roof compared to where it was last year; $374,522.92 compared to 2019’s $317,839.74. Here’s how the market faired. 

    The average list-to-sale ratio (a reflection of how close a property’s final sold price was to it’s listing price) was up this year too; 97.114%, compared to last year’s 96.302%. While this seems like a small increase, moving nearly a percentage point on a typical sale price of almost $400k is jumping up almost $4,000; not a paltry sum.

    Here is a breakdown of the performance of our four-county region for this and the previous three years: 

     

    Grand Traverse, Leelanau, Antrim, Benzie County Combined Performance

    Year Total Sales Total Listed Volume Total Sold Volume List-to-Sale Ratio Median Days on Market Average Sale Price

    2020

    3,041*

    $‎1,166,308,92*

    $‎1,138,783,761*

    97.114%*

    78

    $‎374,522.92*

    2019

    3,107

    $‎1,019,794,495

    $‎987,528,058

    96.302%

    73

    $‎317,839.74

    2018

    2,820

    $‎858,367,684

    $‎828,895,127

    95.935%

    78

    $‎293,934.44
    2017 3,013 $‎899,689,808 $‎866,938,019 95.760%

    79

    $‎287,732.50

     *Based on December 2020 projections

     

     

    Grand Traverse County 2020 Performance: 2nd Half Demand Tells the Tale

    The second half of the year was one of outrageous demand for homes, very low mortgage rates, and inventory that didn’t come close to meeting the needs of the buying community. We saw this story play out in the number of homes being sold – down to a projected 1,663 from

    a 2019 mark of 1805 – but with a major increase in the list-to-sale ratios in certain months, including 99.552% in the month of November 2020.

     

    We also saw very short days on market, hitting as low as 51 in June 2020 (an incredibly short window when you figure that a mortgage process is going to take the bulk of that time – many of these homes were under contract in days if not hours). 

    Here’s a breakdown of the performance of Grand Traverse County in 2020: 

     

    Transactions Listed Volume Sold Volume L2S Ratio Med DOM
    January 108 $‎ 31,661,424 $‎ 30,447,094 96.165% 70
    February 91 $‎ 27,277,365 $‎ 26,641,072 97.667% 87
    March 126 $‎ 35,960,082 $‎ 35,195,506 97.874% 126
    April 87 $‎ 27,992,800 $‎ 27,130,361 96.919% 56
    May 65 $‎ 19,228,049 $‎ 18,748,970 97.508% 61
    June 141 $‎ 43,500,399 $‎ 42,717,644 98.201% 51
    July 221 $‎ 79,046,149 $‎ 77,585,006 98.152% 54
    August 176 $‎ 66,835,936 $‎ 65,416,884 97.877% 58
    September 197 $‎ 67,248,832 $‎ 66,542,120 98.949% 56
    October 195 $‎ 69,988,127 $‎ 69,343,543 99.079% 55
    November 163 $‎ 65,640,906 $‎ 64,690,276 98.552% 54
    December 93* $‎ 40,202,993* $‎ 39,936,913* 99.338% 51
    2020 Total 1663 $‎ 574,583,062 $‎ 564,395,389 98.023% 65
    2019 Totals 1805 $‎ 553,418,217 $‎ 540,085,396 97.591% 63
    2018 Totals 1640 $‎ 472,584,131 $‎ 460,244,093 97.389% 62
    2017 Totals 1639 $‎ 467,829,463 $‎ 454,871,662 97.230% 66

     *Based on December 2020 projections

     

     

    Leelanau County 2020 Performance: Sold Volume Tripled from June to July

    Those of us who live and work in northern Michigan know that there is a season to just about everything we do. Many of us in the real estate industry use the window from Memorial Day to Labor Day as our markers for when we should expect to be busy, but not this year. 

    Thanks to all the complications from COVID-19, the typical calendar has been thrown completely out of whack. In fact, February 2020, when it is typically the coldest and most inhospitable in northern Michigan, saw 32 properties sold for a total of more than 10.5 million dollars, and that was nearly double what we saw in May, the supposed kickoff to the season. 

    But, things bounced back in a major way. Once we were able to start actively showing homes again, activity exploded. In the month of July 2020, there was nearly 43 million dollars in total volume for sold property, more than triple the month before. 

     

    Here is a breakdown of the numbers for Leelanau County in 2020:

     

    Transactions Listed Volume Sold Volume L2S Ratio Med DOM
    January 17 $‎5,805,700 $‎5,591,834 96.316% 116
    February 32 $‎11,318,200 $‎10,588,639 93.554% 110
    March 34 $‎14,040,495 $‎13,087,996 93.216% 100
    April 23 $‎9,866,250 $‎9,271,450 93.971% 69
    May 13 $‎6,001,400 $‎5,800,000 96.644% 120
    June 34 $‎14,206,400 $‎14,272,975 100.469% 63
    July 71 $‎44,028,500 $‎42,822,100 97.260% 58
    August 69 $‎41,138,999 $‎40,166,047 97.635% 75
    September 85 $‎45,484,400 $‎44,106,750 96.971% 74
    October 80 $‎43,237,320 $‎42,728,920 98.824% 67
    November 51 $‎27,993,400 $‎27,381,882 97.815% 81
    December 42.625* $‎25,959,400* $‎25,435,500* 97.982% 97
    Total 551.625 $‎289,080,464 $‎281,254,093 96.722% 86
    2019 Totals 481 $‎228,533,475 $‎220,026,597 96.278% 77
    2018 Totals 435 $‎188,351,483 $‎180,561,488 95.864% 77
    2017 Totals 497 $‎210,299,711 $‎201,612,739 95.869% 76

     *Based on December 2020 projections

     

    Antrim County 2020 Performance: Endless Summer Sales

    Like we said before, a lot of markets (usually including ours) will slow down after Labor Day, especially as the leaves start to change. We’ve definitely seen that NOT be the case this year across our region, but that trend is amplified in Antrim County. This year, we saw the typical bump in sales when the summer season kicked off, but that bump continued well into the fall. In fact, there was more volume in the month of October 2020 ($36.56 million) than there was in July 2020 ($23.2 million). 

    This market was remarkably stable this year, despite all the challenges thrown at it.

     


    Here’s a breakdown of the rest of the numbers for Antrim County in 2020:

    Transactions Listed Volume Sold Volume L2S Ratio Med DOM
    January 20 $‎5,858,599 $‎5,622,100 95.963% 127
    February 21 $‎4,676,250 $‎4,447,000 95.098% 121
    March 22 $‎7,758,500 $‎7,421,500 95.656% 133
    April 20 $‎3,865,900 $‎3,785,750 97.927% 68
    May 15 $‎3,554,200 $‎3,384,200 95.217% 64
    June 32 $‎13,713,280 $‎13,419,881 97.860% 65
    July 66 $‎24,030,000 $‎23,206,800 96.574% 73
    August 66 $‎21,682,200 $‎20,788,175 95.877% 76
    September 66 $‎25,917,500 $‎25,365,753 97.871% 94
    October 60 $‎38,275,100 $‎36,564,095 95.530% 59
    November 46 $‎20,802,400 $‎19,675,217 94.581% 77
    December 15.5* $‎7,629,875* $‎7,602,750* 56
    Total 449.5 $‎177,763,804 $‎171,283,221 96.483% 84
    2019 Totals 458 $‎140,571,605 $‎134,068,489 95.374% 82
    2018 Totals 391 $‎108,773,548 $‎103,858,356 95.481% 94
    2017 Totals 472 $‎124,151,621 $‎118,073,892 95.105% 95

    *Based on December 2020 projections

     

     

    Benzie County – Steady As She Goes

    Benzie County was a steady performer in the year 2020. The overall number of transactions was up (a projected 377 over 2019’s 363 and over 2018’s 254) and the volume of sales is up a projected $28.5 million dollars in 2020.

    The only real blip on the Benzie County radar was the performance of April 2020; what we’d consider to be the perfect example of a 2020 held breath. There were only 14 sales that month, list-to-sale ratio was near 100% (indicating that the people who were moving at this time felt like it was very important that they got the house, so they made aggressive offers), and it took more than double the typical time to close a deal. 

    But, the county pushed past this hiccup and continued on to have a great year.

     

    Here’s a breakdown of the rest of the numbers for Benzie County in 2020: 

    Transactions Listed Volume Sold Volume L2S Ratio Med DOM
    January 23 $‎4,377,000 $‎4,262,400 97.382% 60
    February 13 $‎4,384,200 $‎4,078,900 93.036% 129
    March 20 $‎4,979,750 $‎4,848,763 97.370% 60
    April 14 $‎4,285,700 $‎4,265,788 99.535% 132
    May 22 $‎5,298,000 $‎5,240,785 98.920% 67
    June 26 $‎8,645,700 $‎8,319,250 96.224% 61
    July 34 $‎12,443,900 $‎12,056,800 96.889% 57
    August 42 $‎16,275,100 $‎16,097,400 98.908% 75
    September 55 $‎14,192,210 $‎13,836,000 97.490% 70
    October 55 $‎18,943,700 $‎18,461,000 97.452% 65
    November 26 $‎8,543,743 $‎8,063,585 94.380% 84
    December 46.5* $‎22,512,588* $‎22,320,388* 99.146% 72
    Total 376.5 $‎124,881,591 $‎121,851,059 97.228% 78
    2019 Totals 363 $‎97,271,198 $‎93,347,576 95.966% 71
    2018 Totals 354 $‎88,658,522 $‎84,231,190 95.006% 78
    2017 Totals 405 $‎97,409,013 $‎92,379,726 94.837% 80

    *Based on December 2020 projections

     

     

    Bringing It All Together

    With everything 2020 has thrown at us, it’s hard to imagine we would have arrived at the end of the year with a market in as good a shape as we’re seeing now, yet, here we are. 2021 is sure to be a year of industrious recovery, of an economy putting itself back together, and hopefully, of local market prosperity for our real estate community and for our neighborhood businesses. If you have questions about buying or selling real estate in 2021 or beyond, the Brick & Corbett Team would love to help. 

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