Affluent Relocation Index
Priorities have been realigned.
Intro
2020 will be remembered as an unprecedented year. Priorities have realigned toward home, family, health, and wellness due to the pandemic. These profound lifestyle changes, combined with other factors such as increasing numbers of people teleworking, have led to a U.S. luxury real estate boom and a migration of wealth to new markets.
In past reports, we have focused on traditional demographic classifications, such as net worth or age. But 2020 has ushered in new affluent demographics. We’re calling them trailblazers because they are charting a new path forward, choosing housing locations based on family, health or lifestyle reasons, rather than being close to business or work. They are turning their attention away from cities and relocating to small town hidden gems, suburbs and popular second home destinations. Many of these trends were already underway prior to the start of 2020; the pandemic simply accelerated them.
These trailblazers are looking at the following criteria when considering their relocation destination:
- Property size
- Property Amenities
- Close to Nature/Outdoors
- Privacy
- Safe Environment
- Hobbies or Lifestyle Considerations
- Cost of Living
- Driveabilty/ Accessibility (freeways, airports)
- Proximity to workplace
- Access to Luxury Amenities
- Schools
- Health
| Market Statistics Emmet County Residential | |||||||||
| Date Range 01/01/2020-12/31/2020, County Emmet; As Of: 2/9/2021 | |||||||||
| Current Active | Avg List Price | Avg DOM | |||||||
| 147 | $975,882 | 214 | |||||||
| Total Listed | Num Sold | Pct Sold | Avg List Price Sold | Avg Sale Price Sold | Sale Price/List Price Ratio | Avg DOM Sold | Avg List Price Unsold | Pct Expired | |
| 807 | 728 | 90.21% | $519,019 | $485,132 | 93.47% | 141 | $806,960 | 8.92% |
Emmet County market data shows the average list price at $975,882 for 2020.
According to Coldwell Banker Global Luxury standards, a home in Emmet County is considered luxury at a minimum price threshold of $500,000.
Filtering for homes listed above $500,000, the Northern Michigan MLS data (MLS, 2021) shows that there were 183 residential sales. Of those, 113 sales took place within an association.
The majority of these sales took place in Harbor Springs, Petoskey and Bay Harbor.
Emmet County 2020 Equalization Report
Taking a dive into the 2020 Emmet County Report of Assessment Roll Changes and Classification (L-4022) (GIS, 2020), there were 26,295 residential parcels with a total value of $3,603,058,998 to the county.
The highest assessed values were in the townships of Bear Creek, Resort, Little Traverse, West Traverse, and the cities of Harbor Springs and Petoskey, as expected.
Assessed values in these municipalities increased.
| TOWNSHIP OR CITY | 2019 ASSESSED VALUE | 2020 ASSESSED VALUE | PERCENT CHANGE |
| BEAR CREEK | $600,708,000 | $618,584,300 | 2.98% |
| RESORT | $501,566,705 | $527,539,700 | 5.18% |
| LITTLE TRAVERSE | $456,103,550 | $513,169,050 | 12.51% |
| WEST TRAVERSE | $423,725,900 | $459,404,250 | 8.42% |
| HARBOR SPRINGS | $339,883,500 | $369,836,450 | 8.81% |
| PETOSKEY | $629,754,550 | $662,494,450 | 5.20% |
(Coldwell Banker Global Luxury)
(GIS, 2020)
(MLS, 2021)