Northern Michigan Real Estate by the Numbers

In May, analysis from the Traverse Area Association of Realtors showed an overall decline in sales of single-family homes compared to the previous year, likely due to the COVID-19 pandemic and its far-reaching economic impact. Even so, there was some good news this spring, as average days spent on the market decreased in three counties — Grand Traverse, Benzie and Kalkaska. Here’s a breakdown of what the market looked like in May 2020 compared to May 2019.

Five-County Area

116 Total homes sold: Almost 63% down from 309 homes

$33,386,670 Total dollar volume: A 64% drop from $92,691,994

Home sales peaked in 2019, with the highest number of homes sold and the greatest total dollar volume than any other year in the past decade. This provides a stark contrast to 2020 — the last time May sales dipped this low was in 2011. The total dollar volume that year was $30,969,045 and sales totaled 167 homes.

Grand Traverse
No. of Sales: 65 – down from 173 (62% drop)
Dollar Volume: $18,591,570 – down from $53,085,679 (65% drop)
Average Days on Market: 92 – down from 98 (6% drop)

Leelanau
No. of Sales: 13 – down from 39 (67% drop)
Dollar Volume: $5,525,500 – down from $15,672,750 (65% drop)
Average Days on Market: 181 – up from 133 (27% rise)

Benzie
No. of Sales: 18 – down from 34 (47% drop)
Dollar Volume: $4,794,000 – down from $8,979,250 (47% drop)
Average Days on Market: 87 – down from 115 (24% drop)

Antrim
No. of Sales: 14 – down from 42 (67% drop)
Dollar Volume: $3,330,700 – down from $12,005,815 (72% drop)
Average Days on Market: 116 – up from 81 (30% rise)

Kalkaska
No. of Sales: 6 – down from 21 (71% drop)
Dollar Volume: $1,144,900 – down from $2,948,500 (61% drop)
Average Days on Market: 87 – down from 149 (42% drop)

Statistics provided by TAAR