January Real Estate Prices Up, Units Down In Leelanau County

Leelanau's residential real estate sales last month dropped from those in January 2021, though it’s difficult to read anything into it. That’s because the data from previous Januarys are anything but static, showing a remarkable up-and-downs. Last month there were 20 home sales in the county, compared with 28 in January 2021. There were 19 in January 2020, 28 in January 2019, 20 in 2018, 26 in 2017, and so on.

One thing that is significant is the sales volume and corresponding average sale price. On sales totaling $14,713,950 last month, the 20 units sold represents an average sale price of $735,697, with a median price of $399,500. Those figures are the highest ever with the exception of January 2019, when the total sales volume was $16,039,650 and the median price was $415,000.

This past month’s average number of days a home was on the market was 92, which is also significantly less than past years. The previous low was 127 in 2018. Last year’s January average DOM was 136.

Image: Precondo CA on Unsplash