The Buyers are Back! What Q1 Data Tells us About the Local Real Estate Market

We love quarter end data! And our favorite quarter to review is the first one of the year. When March 31 rolls around we get downright giddy, and not because of the increase in vitamin D.  Why? Because monthly data in the off-season in Northern Michigan can be very misleading with its small sample size which will create wonkiness and volatility in the numbers.

After finishing the first quarter we feel more encouraged the data we have been sharing in our more recent blogs and videos is telling us what we expected. The real estate market in Northern Michigan is wild. Inventory remains lower than usual, sales are down (a lot), and days on the market are up (only a little). These key trends suggest continued good times for sellers, and still tough but maybe just a little bit better times for buyers.

Emmet County Q1 Data

Charlevoix Country Q1 Data

So whats up with all this? Where is the market crash so many talking heads have predicted? How are we still seeing double digit appreciation despite inflation, economic pressure and now bank troubles?

It’s simple. There still are not enough homes being built or sold for the amount of demand. Not here. Not there. Not anywhere (almost). When national trends begin to settle a bit, our niche market along with others continue to benefit from our culture’s desire to have more meaning in life, more time in a home they love, in a community which thrives.

We are special. We can live, work and play on one of the most beautiful places on earth. We think the little lull we felt late in 2022 was simply buyers taking a breath after a tough go of it, hopeful prices were going to drop or listings might pick up. As we watched prices continue to increase after the new year, we discovered those buyers are a hearty bunch who are bruised but not broken. Many are back in the game and ready to give it a go in 2023.

We work with both buyers and sellers to help them understand the market and what it means for their unique situation. If you want to learn more we would be honored to set up time for a consult. Give us a call or send us a message today. Until then, enjoy the sunshine!

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