Between January 1st, 2020, and December 31st, 2022, 2134 residential units have sold.
The total volume of sales reached $1,150,098,222!
As real estate agents, we’re often asked; What’s the market doing, how’s real estate, are we heading into another 2008/2009? To be able to accurately answer these questions, we look at the data.
Hi, I’m Jen, the Office Manager at Coldwell Banker Fairbairn Realty and I’m a bit of a data nerd. I like to break down the numbers and do comparisons (see below). But I thought I should also help explain why these numbers are important to you if you’re planning to buy or sell in our area. (We cover all of Northern Michigan but these numbers are specific to Emmet County mostly because of the ease of use of the MLS for gathering the data).
The first segment of information below serves to compare 2018- 2022 sales data in Emmet County in easily digestible bites.
The most interesting thing about these numbers is that the average sales and median sales prices trend upward year to year while the “days on market” trend downward significantly.
(If you were paying attention to the market, this really isn’t a surprise. We were all feeling it but it’s nice to see it in print.)
The next bit of information that is interesting here is how homes were paid for. Conventional mortgages were favored in 2018 but by 2022, cash sales were outweighing mortgages.
Check out the info below and join me after the break…
Historical:
2018 Numbers
704 residential units sold; sales volume: $233,868,548
Average sales price $332,199; Median sales price $225,000
Average time spent on market: 151 days
398 CONV. MORT./ 18 FHA/ 11 VA/ 258 CASH/ 6 LAND CONTRACT/ 12 RD
December 2018 available units 647; sold 109 (MLS ALL COUNTY RESIDENTIAL UNITS)
2019 Numbers
705 residential units sold; sales volume: $240,195,784
Average sales price $340,703; Median sales price $234,900
Average time spent on market: 146 days
387 CONV. MORT./ 15 FHA/ 5 VA/ 273 CASH/ 14 LAND CONTRACT/ 8 RD
December 2019 available units 740; SOLD 130 (MLS ALL COUNTY RESIDENTIAL UNITS)
2020 Numbers:
779 residential units sold; sales volume: $373,568,313
Average sales price $479,548; Median sales price $298,500
Average time spent on market: 143 days
438 CONV. MORT./10 FHA/ 12 VA/ 304 CASH/ 12 LAND CONTRACT
December 2020 available units 404; SOLD 158 (MLS ALL COUNTY RESIDENTIAL UNITS)
2021 Numbers:
747 residential units sold; sales volume: $404,647,412
Average sales price $541,696; Median sales price $335,000
Average time spent on market 102 days
385 CONV. MORT./ 7 FHA/ 8 VA/ 335 CASH/ 7 LAND CONTRACT/ 3 RD
December 2021 available units 269; SOLD 131 (MLS ALL COUNTY RESIDENTIAL UNITS)
2022 Numbers:
608 residential units sold; sales volume: $371,882,497
Average sales price $611,648; Median sales price: 400,000
Average time on market: 73 days
290 CONV. MORT./ 9 FHA/ 4 VA/ 301 CASH/ 3 LAND CONTRACT
December 2022 available units 254; SOLD 98 (MLS ALL COUNTY RESIDENTIAL UNITS)
Time for a deeper look…
2020 Numbers:
779 residential units sold; sales volume: $373,568,313
Average sales price $479,548; Median sales price $298,500
Average time spent on market: 143 days
(Average time spent on market is skewed by 58 units sold before listed or after expired.)
304 units or 39% of sales were cash.
224 units sold 30 days or less. Of those 224, 178 (or 78.5%) were cash sales.
Of the 224 units sold 30 days or less:
- 169 (or 75%) were $500,000 or less (78% were cash)
- 31 (or 14%) were $500,001- $999,999 (74% were cash)
- 24 (or 11%) were over $1,000,000 (96% were cash)
Luxury: 59 Sales over $100,000,000
- 38 (or 64%) were cash
- 18 (or 30.5%) were mortgaged
- 3 (or 5%) were land contracts
Let’s breakdown what we know about 2020 real estate sales;
In just one year, the average sales price has jumped from $340,703 (2019) to $479,548 (2020).
Cash purchases were favored by buyers purchasing at $500,000 or higher.
A little sneaky fact I’m throwing in here; of the 779 sales buyers on average purchased within 94% of the asking price. Another way to look at this; 224 sales purchased at 100% or higher than the asking price. Let’s jump into 2021 to see what happened with buyers and sellers the next year…
2021 Numbers:
747 residential units sold; sales volume: $404,647,412
Average sales price $541,696; Median sales price $335,000
Average time spent on market 102 days
December 2021 available units 269; SOLD 131 (ALL RESIDENTIAL UNITS)
335 units or 45% of sales were cash.
229 units sold 30 days or less. Of those 224, 186 (or 83%) were cash sales.
Of the 229 units sold 30 days or less:
- 165 (or 74%) were $500,000 or less (82% were cash)
- 36 (or 16%) were $500,001- $999,999 (83% were cash)
- 28 (or 12%) were over $1,000,000 (68% were cash)
Luxury: 75 Sales over $100,000,000
- 48 (or 64%) were cash
- 25 (or 33%) were mortgaged
- 2 (or 3%) were land contracts
What were 2021 buyers doing? They were purchasing within 98% of the asking price. 424 buyers purchased at asking price or above. 10% of buyers were luxury buyers, purchasing at $100,000,000 or higher, and they were primarily spending cash. Of all the sales, mortaged and cash buyers represented 51% and 45% respectively. 30% of buyers were closing within 30 days of reaching their purchase agreements with the sellers.
What about 2022?
2022 Numbers:
608 residential units sold; sales volume: $371,882,497
Average sales price $611,648; Median sales price: 400,000
Average time on market: 73 days
December 2022 available units 254; SOLD 98 (ALL RESIDENTIAL UNITS)
301 units or 49.5% of sales were cash.
259 units sold 30 days or less. Of those 259, 188 (or 73%) were cash sales.
Of the 259 units sold 30 days or less:
- 170 (or 66%) were $500,000 or less (70% were cash)
- 70 (or 27%) were $500,001- $999,999 (71% were cash)
- 19 (or 7%) were over $1,000,000 (100% were cash)
Luxury: 67 Sales over $100,000,000
- 50 (or 75%) were cash
- 16 (or 24%) were mortgaged
- 1 (or 1%) was land contract
Here we are; 2022. What happened with the Emmet County real estate market in 2022? The last time the number of homes sold in the 600s was in 2017 (695 residential units sold then).
Let’s break that down real quick:
Residential sales by year:
- 2015: 656
- 2016: 655
- 2017: 695
- 2018: 704
- 2019: 705
- 2020: 779
- 2021: 747
- 2022: 608
We know that the average sales price in 2022 was up over nearly $70,000 than the previous year (2021) and over 179% or $270,945 from 2019 (our pre-pandemic year).
Lastly, we know that the time homes spent on the market was down substantially from 151 days in 2018 to 73 days in 2022. Forgive while I find another rabbit hole real quick here… oh here we are, the median days on market in 2022 was 33, in 2021; 41 days on market.
Have questions?
Download the report:
Data collected from the Northern Michigan MLS and interpreted by Coldwell Banker Fairbairn Realty.
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