FEBRUARY 2016 – Emmet County Real Estate Market Report

Interested in how the market was doing in February 2016?

For the month of February (2016) according to the data provided by Northern Michigan MLS, there were 1,729 active listings with an average list price of $392,693.

Of these listings, the average marketing time was 452 days.
These listings included homes, land, commercial properties and multi-family buildings like apartments and duplexes.
In February, there were 64 homes listed and 35 sold in Emmet County. The average LIST price for homes was $167,971 while the average SALE price was $155,554.
The highest list price of homes sold in February 2016 was $399,000 while the lowest list price of homes sold was $50,000.
The total volume of sales in Feb. was $5,444,415!
The average day on market for a home was 146 days.
The location breakdown is as follows:
Alanson – 8 homes
Bay Harbor- 1 home
Harbor Springs – 9 homes
Levering – 1 home
Mackinaw City – 1 home
Pellston – 1 home
Petoskey- 14 homes
Total – 35 sales
1 home had water frontage – Mackinaw City, 2 homes had water access – Bay Harbor & Petoskey.

There were 24 new land listings that came on to the market in February 2016 with 6 sales in Emmet County.
The average LIST price of land sold was $170,608 and the average SALE price was $140,416.
The highest list price of vacant land was $549,000 while the highest sale price was $450,000.
The lowest list price AND sale price was $10,000.
The average time on market was 542 days.
The location breakdown for land sales is as follows:
Alanson – 1 (water front)
Bay Harbor – 1 (water front)
Harbor Springs – 1
Levering – 1 (100-125 acres)
Petoskey- 2 (1 with water views)
Total – 6 Sales

Data provided by the NMMLS. Compiled for you by Fairbairn Realty. Call 231-548-9336 or email admin@fairbairnrealty.com with any questions.

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