3rd Qtr 2011 - Look at Marquette & surrounding areas Real Estate Market

Thought I'd take a comprehensive look at the market as of the 3rd Quarter.  Keep in mind that half of last year (2010) the Federal First-Time Home Buyers Credit was in place. Therefore, we might expect that some of the Volume of homes sold might be down this year in comparison.

This is a comparison of Jan - Sept 30, 2011 (first number) to the same period of time in 2010 (second number).  Can sum it up in two words - CONTINUING STABLE - but I'll run through the details for you: 

Marquette Schools Areas 2011 to 2010:  Stable, stable, stable. 
Units sold: 216 to 217.
Median Price: $$150,000. and 150,000!!!! Exactly the same.   
Days On Market: 95 to 93. 

Marquette Schools Over 250K in sold price, 2011 to 2010.  Good improvement.
Units sold: 36 to 29.  24% increase. 
Median Price: 297,000. to 299,650. Pretty even. 
Days On Market: 107 to 145.  Improved.

The Marquette School District areas continue to look very stable. The higher-end market is at least seeing some growth in sales activity.

Chocolay/Sands area 2011 to 2010:
Units sold: 71 to 54.  31% increase.
Median Price: $149,900. to 173,000. 13% decrease.
Days On Market: 104 to 86 last year.  Up a little.

Chocolay and Sands areas are consistently very stable. Though the median price appears to be dropping, this is a small sample so I dont put much credence behind that right now.   A nice increase in the number of homes sold.  Maybe more affordable homes have been selling and therefore driving down the median number. 

Negaunee areas 2011 to 2010:
Units sold: 57 to 59.  Virtually the same.  
Median Price: $89,000. to $106,400.  Down by about 16% (but a small sample size).
Days On Market:  89 to 114.  Selling faster. 

Ishpeming Areas 2011 to 2010:  Turning around a bit. 
Units sold: 63 to 58. Increase.
Median Price: $65,000.to $57,000. 14% increase.  Nice!
Days On Market: 71 to127.  Nice drop in DOM! 

Good signs for a rebound for Ishpeming, as these same areas saw about a 25% decrease in median sales price in the preceeding 2 years.

ALL OF MQT COUNTY:
Units sold: 402 compared to 421 last year.  
Median Price: $122,450. compared to 122,000.  Nearly identical.  
Days On Market: 98 this year compared to 110 last year.  Again very close. 

We are so fortunate that again, our market appears to be such a STABLE market. Overall the median sale prices are holding steady with last year, as are the number of homes sold. Days on Market in most cases are decreasing, meaning quicker sales (and lending alone is taking a bit longer which lengthens this number).  Our higher end market is trending in a positive manner as well (though I only examined the Marquette area for those sales.)

Please contact me if you have any market questions, and/or any general real estate needs.