2007 State of the Market Report

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

Winter Wonderland Weekend!

What a classic Winter Weekend we just hosted here in Marquette. We had company in town this weekend, grown children and grand children of a dear friend. These college aged kids and young families were able to experience Ski Jumping in Ishpeming, Sled Dog Races in Marquette, and Bobsledding in Negaunee.

They are ready to move from lower Michigan. I told them we have more where that came from. Start Packing! We’ve still got room!

We're so lucky to live here ~ Liz

Art U.P. Style!

What a fun shop ~ full of wonderful local fare!! Art U.P. Style, owned by local artist, Carol Papaleo is my new favorite art/gift shop in historical downtown Marquette.

The shop’s newest home is in the Masonic Center on Washington St. It features the artwork of Carol and many others. Carol’s work centers on a variety of local scenery. If you’ve moved from Marquette, a sampling of Carols work would make you feel like you were still walking about town. A popular favorite is a calendar that she has put together with 12 of her paintings of Marquette scenes. I just bought one for my sister in Florida.

Don’t forget this shop the next time you need a thoughtful little gift, a hostess gift, or something to help someone keep Marquette in their heart. You can see her work online at http://spaces.msn.com/members/artupstyle.

Stop by and enjoy. It IS a wonderful life! ~ Liz