Market Trends Reports: January 2024
Grand Traverse County
Average & Median Sales Price
The median sales price in January 2024 was $370,000, up 4.96% from $352,500 from the previous month and equal to January 2023. The January 2024 median sales price was at a mid level compared to January 2023 and 2022. The average sales price in January 2024 was $520,706, up 6.51% from $488,880 from the previous month and 21.56% higher than $428,345 from January 2023. The January 2024 average sale price was at its highest level compared to January 2023 and 2022.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.The January 2024 sales price/list price ratio was 96.89%, down from 98.97% from the previous month and equal to January 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in January 2024 was 67, down -37.38% from 107 from the previous month and 36.73% higher than 49 from January 2023. The January 2024 sales were at a mid level compared to January 2023 and 2022. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer's market, a downward trend tends to indicate a move towards seller's market. The DOM for January 2024 was 60 days, up 13.21% from 53 days from the previous month and 27.66% higher than 47 days from January 2023. The January 2024 DOM was at its highest level compared with January 2023 and 2022.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in January 2024 was $287, up 14.34% from $251 from the previous month and 30.45% higher than $220 from January 2023.
Inventory
The number of properties for sale in January 2024 was 355, up 2.31% from 347 from the previous month and 25.00% higher than 284 from January 2023. The January 2024 inventory was at its highest level compared with January 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2024 MSI of 5.3 months was at a mid level compared with January 2023 and 2022.
New Listings
The number of new listings in January 2024 was 119, up 25.26% from 95 from the previous month and -5.56% lower than 126 from January 2023. The January 2024 listings were at a mid level compared to January 2023 and 2022.
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