So far, 2018 has been a good year for sellers of residential real estate in Antrim County, However, buyers and realtors are not faring as well, as statistics show that total sales from January through July are down 13.2% across Antrim County.
Bellaire was the only community which had sales go up, as total sales in Bellaire show a 6% increase. Total sales in Mancelona are down 12.8%, while Central Lake sales are down 47% and Alden is down 73%.
DEK Realty is thrilled that our sales are up slightly this year, despite this downturn and despite more realtors joining the business in the past two years.
Houses Listed Versus Houses Sold
A big reason for the downturn is the fact that there were 18% fewer listings this year in Antrim County. In both years, 53% of listings in Antrim County sold.
Mancelona and Bellaire had good years with 59% and 60% listings making it to the closing table. However, Central Lake only had 29% of their listings sell, while only 22% sold in Alden. (Note: Alden is a smaller market, and has 4 residential sales out of 18 listings)
Listing Price Versus Sale Price
The average list price across Antrim County was $274,315, which is 5% more than 2017. The average sale price is $260,197, which is up 4% over last year. Average sales price increased 13% in Mancelona, and 1% in Bellaire. Both list and sold prices are down significantly in Central Lake and Alden, which have a smaller sample.
The average sale price across Antrim County was 95% of list price, which is the same as last year and similar across all communities.
Average Days on the Market
The fact that no one is in a hurry to buy continues to challenge realtors and sellers in this area! The average days on the market went from 149 to 148. Both Bellaire and Mancelona homes are on the market for an average of 166 days, with Central Lake averaging 121 days and Alden averaging 148 days.
It is important to note that often these properties are listed for sale more than once. These numbers do not reflect the total number of days if a property was previously listed.
In summary, it is a seller’s market in Antrim County due to low inventory which has caused prices to rise!! Don’t despair! DEK Realty still has plenty of inventory. Please click here to see what is available!