Real Estate Market Conditions for February 2012
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!
140 Red Oak, Beaverton 2950 Guernsey, Beaverton
MLS # 156672 MLS # 156574
$89,900 $79,900
The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging, but appear to be stable! There is a slightly improving economy, less days on market but a lack of qualified buyers remains. 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, and there is a lot of inventory to choose from. Homes are more affordable then they have been in years! Buyers: Get in the market early and avoid other buyer competition. Sellers: Selling season is just ahead and your home needs exposure so get it on the market today if you are serious about selling. 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 February I had 1 closing and have 9 pending going into March.
The Clare/Gladwin Board of Realtors currently has 868 homes for sale through the Multiple Listing Service (MLS) and 76 of those were new to the market in February. The number of new listings is 6 less than last month. The average asking price of the homes currently on the market is $105,794 and the average days on market for those homes has been 322 days. These stats are only slightly different than the last 2 years clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $7,000 - $950,000.
During the month of February we saw 35 homes sell/close in Gladwin, Michigan. This is 7 more than in January. The average asking price was $67,425. The average sales price was $60,275 and the average days on market for these homes was 212 days. The sellers received an average of 89.3% of their asking price. The average days on market is 38 days more than last month.
In Gladwin 43 homes expired from the market unsold in February. 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 February is 2 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
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