Petoskey Real Estate Sales Steady in 1st Quarter
Despite the seemingly poor state and local economies, sales of Petoskey homes and real estate continued to chug along in the 1st Quarter of 2007. The number of residential sales, including both Petoskey homes and condominiums, dropped only slightly in the 1st Quarter, from 49 sales in 2006 to 47 sales in 2007. This compares to only 40 sales in the 1st Quarter of 2005 and 53 sales in the 1st Quarter of 2004.
While unit sales volume was down only slightly, the total dollar volume of residential sales was down 13%, from $17.07 million in the 1st Quarter of 2006 to $14.86 million in the 1st Quarter of this year. Despite being down from last year's numbers, this Quarter's total dollar volume far exceeded the $9.43 million posted in the 1st Quarter of 2005, and also exceeded the $13.35 million posted in the 1st Quarter of 2004.
On a bright note, the median sales price of a Petoskey home rebounded to $180,000 in the 1st Quarter, up 11% from the $162,000 median sales price in the 1st Quarter of 2006. This compares to a median sales price of $183,750 in the 1st Quarter of 2005, and $180,000 in the 1st Quarter of 2004.
Note: Based upon information obtained from the Northern Michigan Multiple Listing Service for the periods from January 1 - March 31, 2004-07.
Copyright 2007 - Buyer's Broker of Northern Michigan, LLC
While unit sales volume was down only slightly, the total dollar volume of residential sales was down 13%, from $17.07 million in the 1st Quarter of 2006 to $14.86 million in the 1st Quarter of this year. Despite being down from last year's numbers, this Quarter's total dollar volume far exceeded the $9.43 million posted in the 1st Quarter of 2005, and also exceeded the $13.35 million posted in the 1st Quarter of 2004.
On a bright note, the median sales price of a Petoskey home rebounded to $180,000 in the 1st Quarter, up 11% from the $162,000 median sales price in the 1st Quarter of 2006. This compares to a median sales price of $183,750 in the 1st Quarter of 2005, and $180,000 in the 1st Quarter of 2004.
Note: Based upon information obtained from the Northern Michigan Multiple Listing Service for the periods from January 1 - March 31, 2004-07.
Copyright 2007 - Buyer's Broker of Northern Michigan, LLC
Labels: market statistics, Petoskey
2 Comments:
Do you feel that the legislature and governor will eliminate property taxes and raise the sales tax? What effect will this have on the housing market?
I haven't heard anyone propose eliminating property taxes. The governor did propose a one cent increase in the sales tax, however that idea didn't go anywhere in the legislature. In my opinion, if we are going to get out of the hole we are in, more taxes is not the answer.
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