Q1 2024 Market Report - Northern Michigan

Sellers will do well because there continues to be less competition hitting the market with 25% fewer new listings in the first three months of 2024 versus the same period last year. However, there are a few eye-catching pieces of data that tell us sellers should prepare to see their homes take a little longer to sell. Both average and median days on the market are up (60 and 111 days respectively). This is notable because even with rising interest rates median days on the market stayed in the 40s last year. Prices are flat as are unit sales, a settling of these two statistics, which have had bigger swings in recent years. The market continues to settle into a new normal which is, well, more normal than the wild ride of the last several years.

But wait, there is one caveat to this assessment which only time will answer. Are days on the market increasing because inventory is lower than in past periods and also low due to the time of year? In other words, are some buyers purchasing homes that have been on the market for a while not wanting to wait any longer for the perfect home in this low inventory environment? Or are sellers swinging for the fences on price and therefore taking longer to sell (which is suggested by the slightly lower sold-to-list price ratio)?

We think the answer is a little bit of both in addition to continued stabilization in the market. We shall see what the weeks ahead bring as we see the usual increase in listings brought by snowbirds returning (or deciding not to return) and a little green hitting our landscape.

Regardless of what the future holds, the Winslow Group is in a position to help you navigate your Northern Michigan real estate dreams. Let's connect—give us a call or shoot us a message to discuss what all this means for you and your goals.