Petoskey Real Estate and Homes - 2006 Sales Summary

Petoskey residential real estate sales volume actually increased in 2006 from 2005. Unit sales of homes and condominiums in the Petoskey School District increased to 282 units from 273 units, an improvement of approximately 3.3%. Sales by dollar volume increased to $98,806,750 in 2006 from $80,207,165 in 2005, an increase of 23.1%.

Despite the increase in sales activity, the median Petoskey home price dropped by 4.5%, from $197,090 to $188,500. Of those homes which sold, the average days on market increased to 200 days in 2006 from 190 days in 2005. The average price of a home increased significantly, from $293,799 in 2005 to $350,379 in 2006.

Note: Based on information obtained from the Northern Michigan Multiple Listing Service for the period from January 1, 2005 - December 31, 2006.