2021 in Northern Michigan’s real estate market is off to a roaring start. We here on the Brick & Corbett team are numbers nerds, so we’ve been closely monitoring the start to this year’s housing market performance, and wanted to check in with you with an update.
In this Market Snapshot, we will compare overall performance of the real estate market in Traverse City from 2021 vs 2020 since the start of the year, days on market averages, as well as the total close volume and the rise of median sale price. We are looking at a true seller’s market in 2021.
Here are some highlights:
So far, we’ve seen a jump in total closed transactions up to 585 in 2021, up from 2020’s 504.
Remember, this was before the pandemic and COVID-19 really started ramping up in 2020, so this number is an indicator that things are moving along faster independent from any effects from coronavirus.
The days on market measure is often an indicator of how urgent the buyer activity is. The lower the median days on market, the more competitive the buyers are. The drop to a median 78 days on market in 2021, down from 94 in 2020 is further evidence to what our team has been saying all along; right now is an unprecedented opportunity for sellers in Northern Michigan.
With a rise in the number of closed sales in the first 45 days of 2021 compared to 2020, it makes sense that we’d see more in terms of closed dollar volume too. But, we’re also seeing a rise in the median sale price, up $5,000 year-over-year.
What this tells us is that not only are we closing more sales this year, but each sale has a higher price tag than in 2020, further accentuating the trend.
As we near the end of February and inch a little closer to the start of Spring, the Brick & Corbett team is preparing for the start of another important season; SELLING season. The melting of the snow typically brings even MORE real estate buyers out of the woodwork, further creating a major opportunity for anyone considering the sale of a home in 2021.
If you’ve thought about selling this year, we would love to talk. We’ve been hearing from our team members, other RE/MAX agents, and colleagues from across the region that there are literally hundreds of real estate buyers out there right now unable to find what they’re looking for. Your home could be the perfect fit, and it could present you with a chance to get more for your home than you ever thought possible. Reach out today to find out what the Brick & Corbett team can do for you!
Take advantage of this seller’s market and list your home with our experienced team.