Antrim County residential real estate sales in 2020 were up 41% over 2019, as people across the country continue to flee from cities to rural areas. Statistics are summarized in the chart below.
Bellaire and Mancelona’s total sales were up only 5%-6% due to an inventory challenge, especially in the “under $200,000” price category. This inventory shortage definitely drove up prices, as the median home price was up 29% in Mancelona!
This inventory challenge is real. There are only 56 houses for sale in all of Antrim County, compared to 224 in January 2020. Mancelona and Bellaire each have exactly a third of the inventory as last year at this time: 15 homes are for sale now in Mancelona, and 17 homes in Bellaire are currently listed.
Brokers are bracing for a challenging year in 2021. It’s great for sellers that houses are selling quickly, but it’s frustrating trying to help buyers. Nationwide, experts predict a continued migration to rural areas, but they also predict that the housing market will soon include foreclosures from people whose jobs were affected by the pandemic.
Summary of Antrim County Real Estate
Antrim County’s total home sales were up 41% in 2020, which includes properties in Elk Rapids, Alden, Kewadin, and other lakeside towns.
649 residential properties sold in Antrim County in 2020, which is just 5% more than 2019. However, the median price went up 24% to $203,323. The median number of days on the market went from 86 to 75.
Right now, there are only 56 properties listed in Antrim County. Since 649 homes sold last year, this is a 31-day inventory. A six-month inventory is considered to be balanced.
Mancelona’s total sales were up 5% in 2020. The median sales price went up 29% to $115,667. It only averaged 71 days to sell a house in Mancelona in 2020, which is 25% shorter than the time it took in 2019. Right now, there are only 15 houses listed in Mancelona compared to 45 in January 2020.
The second home market has definitely continued to rebound. Bellaire home sales were very strong in 2019, so were up only 6% in 2020. The median price in 2020 also jumped 5% to $204,300. The median time to sell a house was 75 days, which is down 30% from 2019.
Right now, there are 17 homes listed in Bellaire. Last year at this time, there were 51 homes listed at this time. Last year, brokers were concerned that inventory was low! This year it is much worse!
Call Us Now
What does all this mean to you? Data shows that now is a great time to list! DEK Realty agents would love to come out and give you a complimentary market analysis to show you the value of your home. Call us today at 231-587-1012!
Note: this data below was compiled from three different Boards of Realtors: Water Wonderland, which is based out of Gaylord; Antrim-Charlevoix-Kalkaska; and Aspire North, located in Traverse City. Homes in Bellaire and Mancelona are found on the MLS’s for all three boards.