August Report Shows NoMi Market Still Strong- Some Signs of Slowing

August market report for Northern Michigan is LIVE. Last month was similar to what we have seen all summer, home appreciation in Emmet County is still climbing at neck-breaking speed however we are beginning to see some normalization in prices in Charlevoix County. Across Northern Michigan we see a settling of list prices as agents and sellers seem to have found the top (or are at least within reach of it). We continue to be surprised at the ongoing strength in days on the market, homes are still selling fast with declines in days on the market in nearly all areas compared to August 2021.

Interestingly, in all markets except Petoskey we saw an ever so slight decline in homes selling at or above asking price. What explains Petoskey bucking the trend? Well, simple economics. The single most startling stat we observed in August was the decline in new listings for Petoskey. Only 23 new listings hit the market in P-town during August and that represents a 109% decline over same period last year.

Still with Emmet County one year appreciation rate at 23%, there is a lot of steam left in the engine. Other market dynamics like rates and recession have just taken a tiny bit of pressure off. A decline in new listings in all markets have helped as well while keeping the overall activity strong against slightly lower demand and lower volumes of sold homes across the board.

Wondering what all this means for you and your real estate dreams? Want a breakdown of the detail by price or micro-market? Call or DM us today and we will take time to learn about you and share how we can help.