Real Estate Market Conditions for March 2010 - Gladwin and Clare County

Real Estate Market Conditions for March 2010.

Gladwin County is located in rural Northern Michigan and is conveniently located within 3 hours of Detroit and 2-2.5 hours of Flint and Lansing making it easy to come "Up North" for the weekend. But, we encourage you to stay longer. After visiting Gladwin you will want to spend much more time here! Gladwin, Michigan is an area popular for its scenic lakes (including Wixom Lake and Secord Lake), plentiful state land, quaint parks, Amish communities and down town shopping. Gladwin is primarily a second home/resort community due to the amount of waterfront homes. Gladwin, Michigan has real estate to accomodate every buyer from very affordable cabins to luxurious homes. As a life long resident of Gladwin I know the area well and the real estate market even better!

The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging but appear to be improving and stabilizing! A stagnant economy and a lack of qualified buyers remains. However, if you are interested in buying your first home or your vacation home, it is a fabulous time to buy! Interest rates are low for qualified buyers, there is a lot of inventory to choose from and homes are more affordable then they have been in years! There is less available inventory and more buyers in the market now so don't delay if you are thinking of beginning a search to buy this Spring. Sellers now is the time to get that listing on the market as well! The Federal Government is also offering tax credits for qualified home buyers with an accepted offer by April 30, 2010. For specific information on who qualifies for these tax credits of of up $8,000 visit the Hot Topics tab on my website.

Here are the latest real estate market conditions for Gladwin, Michigan and the surrounding areas of Beaverton, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake.

March is the beginning of the Spring selling season, as our seasonal market is typically from April-November. Personally I have had the busiest winter in 9 years however! The Clare/Gladwin Board of Realtors currently has 929 homes for sale through the Multiple Listing Service (MLS) and 121 of those were new to the market in March 2010. The number of new listings almost doubled from last month letting us clearly know that it is the time of year to put your listing on the market! The average asking price of the homes currently on the market is $121,124 and the average days on market for those homes has been 328 days. These stats are only slightly different than the last 8 months clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $9,900 - $749,900.

During the month of March we saw 43 homes sell/close in Gladwin, Michigan. This is 17 more than February! The average asking price was $56,895. The average sales price was $50,448 and the average days on market for these homes was 245 days. The sellers received an average of 88.7% of their asking price.

40 homes expired from the market unsold in March in Gladwin. The main reason homes don't sell during their listing period is that they were priced incorrectly for the real estate market conditions and or condition of the home. In any market it is imperative that a listing be priced as competitively as possible for its condition in order to have the best chance of selling. To learn more about why homes epxire from the market visit this link to a page on my website.

If you're thinking about selling your Gladwin area home one very important fact to know about your real estate market conditions is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Gladwin, Michigan to be absorped by the market if no other homes come on the market. The absorption rate for March 2010 is 1.8 years! This number has decreased and is working its way to a more balanced market each month. If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.

Are you thinking about making Gladwin County, Michigan your new home? Gladwin County is home to both Wixom Lake and Secord Lake! Are you thinking about taking advantage of the great interest rates and affordable prices to buy your own slice of Northern Michigan Heaven? Contact me today and lets gets started! I know the area very well and I know the market even better! You can call me at 989-429-2600, email me at sonya@sonyaloose.com or visit my website.