Gladwin County Real Estate Market Conditions for October 2011

Real Estate Market Conditions for October 2011

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 County I know the area well and the real estate market even better!

894 Rivers Terrace, Gladwin 3761 Jennings Court, Gladwin

MLS # 156161 MLS # 156162

$119,900 $125,000

The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging, but appear to be stable! A slightly improving economy and a lack of qualified buyers remain, 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! Buyers: End of the selling season is here and there is a lot of inventory to choose from and many good prices. Sellers: Selling season ends in November. Your home needs exposure so get it on the market today if you are serious about selling, as homes do 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. In October I had 7 closings and have 5 pending going into November which is officially the end of the busy selling season.

The Clare/Gladwin Board of Realtors currently has 1010 homes for sale through the Multiple Listing Service (MLS) and 87 of those were new to the market in October 2011. The number of new listings is 8 more than last month. The average asking price of the homes currently on the market is $112,243 and the average days on market for those homes has been 291 days. These stats are only slightly different than the last 25 months clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $5,000 - $999,000.

During the month of October we saw 53 homes sell/close in Gladwin, Michigan. This is 1 less than in September. The average asking price was $76,934. The average sales price was $68,529 and the average days on market for these homes was 283 days. The sellers received an average of 89.07% of their asking price. The average days on market is 25 days more than last month.

In Gladwin 110 homes expired from the market unsold in October. 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 2011 is 1.5 years! If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.

Sonya Loose
- Associate Broker, REALTOR® ABR, GRI, SFR

Homewaters Recreational Real Estate
Direct Line: (989) 429-2600
Fax: (775) 205-6839

www.thegladwinrealestate.com
www.sonyaloose.com
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2010 Realtor of the Year: Clare/Gladwin Board of Realtors