Last Wednesday at a meeting of our local MLS, we received the “State of the Market” report for 2007. This report is done annually by Closser Associates, Inc.
Study Parameters:
*Single Family and Condos
*Study has been done since 1983
*Includes MLS sales only
*Includes the Marquette Area defined as City of Mqt., Mqt. Twsp., Chocolay Twsp., and that part of Sands Twsp. North of Co.Rd. 480.
2007 Stats:
Total Sales: 264
Avg. No. Listings: 175
Days on Market: 121
Sales Volume: $47,789,000.
Median Sale Price: $150,000.
% Change in Median Sale Price: 2% increase.
In comparison to last year:
Total number of sales was down (by 27 homes).
Average No. listings was up (by 4).
Days on Market was up (by14 days).
Sales Volume was down (by about 1.7 million).
Median Sale Price was up (by 3,000.)
So, overall there are more homes on the market, and they are staying on the market a little longer than before. The number of homes sold dropped a bit, but even so, the median price of those homes actually increased a bit. Though the rest of the nation is dealing with a declining real estate market, our values actually increased by a small amount (2%). All in all, you could interpret these results as defining our market as quite STABLE.
Change in Values in Past 5 Years:
2002 2003 2004 2005 2006 2007
11% 10.3% 14.8% 3.8% 8.9% 2%
Thank you to Closser Associates, and in particular Bruce Closser and Claus Janssen for a great report.
Since I experienced my best year ever in 2007 with over 7 million in sales, I am very optimistic about 2008. It’s the best market in a long time with a good supply of homes to choose from, and terrific interest rates.
Go out and buy a home…you have to live somewhere! ~ Liz
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