May 2023 Northern Michigan Market Report

The real estate market in Northern Michigan has been experiencing notable fluctuations, with Emmet County witnessing a decline in sales, prices, and listings, while Charlevoix County shows a slight increase in sales. These trends may raise questions about the overall health and stability of the market.

The Bottom Line: The Market Continues to Settle

Emmet County has experienced a decline in various key indicators. Sales are down by a significant 43%, indicating a slower pace of transactions compared to the same period last year. Prices have also decreased by 27%, which may initially cause concern. However, it is important to note that these figures have been impacted by some unusual million-dollar sales in 2022, which skewed the numbers. Considering this, the decline in prices is not as alarming as it appears at first glance.

Listings have decreased by 35%, suggesting a lower inventory of available properties. However, the average days on the market have remained relatively flat at 40 days, indicating a stable demand for housing. Homes are selling at 99% of their list price, which is 3% lower than the same period last year. While this may indicate some negotiation power for buyers, it is important to note that sellers are still receiving a significant portion of their asking price.

In contrast to Emmet County, Charlevoix County has witnessed a slight increase in sales. With 46 homes sold, there has been a 7% rise compared to the same period last year. This increase in transactions indicates a positive trend, showcasing a steady demand for properties in the County that's more likely a better reflection of the market than Emmet County due to last year's unusual luxury condo sales in the month.

Listings have decreased by 26%, suggesting a tighter inventory, the average days on the market have decreased slightly by 6%. This indicates that properties are selling at a relatively faster pace compared to the previous year. Furthermore, homes in Charlevoix County are selling at 97% of their list price, which is 2% lower than last year. While this slight decrease may offer buyers some room for negotiation, sellers are still able to achieve a significant portion of their desired price.

Questions about all this data and what it means to you? Let's talk! We can help you understand what this means for you and your real estate goals. Call or message to set up an appointment today.