Real Estate Market Conditions for October 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 accommodate 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!
5470 Wellington Rd MLS #154258
$98,000
4748 Hill St MLS #154205
$79,900
The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging, but appear to be stable! 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 season. Sellers: Busy selling season comes to a close in November and lasts until February or March. However homes priced right that show well sell all year long!
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. September has proven to be a busy month and my personal observations show me a stable market with more buyers actively looking and making purchasing decisions. I currently have 7 pendings sales as we move forward into the month of November.
The Clare/Gladwin Board of Realtors currently has 959 homes for sale through the Multiple Listing Service (MLS) and 73 of those were new to the market in October 2010. The number of new listings is down by 24 listings. Our inventory is still down by about 300-400 listings from last year at this time! The average asking price of the homes currently on the market is $94,900 and the average days on market for those homes has been 166 days. These stats are only slightly different than the last 14 months clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $4,900 - $2,400,000.
During the month of October we saw 49 homes sell/close in Gladwin, Michigan. This is 1 less than in September. The average asking price was $62,000. The average sales price was $55,000 and the average days on market for these homes was 121 days. The sellers received an average of 89% of their asking price. The average days on market is 95 days less than last month.
111 homes expired from the market unsold in October 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 expire 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 absorbed by the market if no other homes come on the market. The absorption rate for October 2010 is 1.6 years! This number is holding stable from last month 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.
