Current Market Analysis Summer 2019

       According to the National Association of Realtors chief economist Lawrence Yun; “annual home sales have been moving sideways in recent years”. His article: “A Mixed Economic Picture Ahead” discusses how home sales are lagging.
       Yun says that nationally there were 5.4 million home sales in 2016, 5.5 million in 2017, 5.3 million in 2018 and in 2019, the market appears to be on track for 5.2 million in sales.
      “Perhaps reduced tax benefits for homeowners is the main reason home sales have become sluggish. Fortunately, the market is shifting for the better because of amazing mortgage rates. The Federal Reserve’s decision to be more accommodating has brought mortgage rates down to under 4%,” Yun said in his September article.
      More locally, our Summer 2019, current market analysis shows that in Emmet County, there was a total of 236 home sales amounting in $90,017,130. The average sale price was $381,429 for the county.
      Breakdown of Average Home Sales:
Harbor Springs –  102 home sales – average price $421,700
Littlefield –               13 home sales – average price $280,115
Mackinaw City –        3 home sales – average price $158,333
Pellston –                   17 home sales – average price $136,547
Petoskey –               101 home sales – average price $401,643
      (Report was generated via the NMMLS for June 1st, 2019-Sept. 24th 2019.)
      In the Summer of 2018 (via the NMMLS):
Harbor Springs – 92 home sales – average price $438,251
Littlefield –           20 home sales – average price $149,795
Mackinaw City –    3 home sales – average price $241,500
Pellston –              14 home sales – average price $191,891
Petoskey –           122 home sales – average price $422,861 
For more information on this report, contact us at @Admin@FairbairnRealty.com.

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