Leelanau News and Events

The Latest Leelanau Real Estate Numbers Are In

June 13, 2022

Sales of residential real estate in the county continue to lag behind sales of past years. Last month, there were 31 home sales in Leelanau County, the fewest for the month dating back to 2015, with the exception of May 2020, when the world was in the midst of the pandemic. At the same time, it appears that demand has not lessened, as demonstrated by the increasing average price and the decreasing number of days a home is on the market.

Last month’s 31 home sales totaled $17,286,350 for an average price of $557,624. The 55 sales in May 2021 sold for $28,682,880 for an average price of $521,506. Homes spent an average of 36 days on the market in May 2022, and nearly twice that – 64 days – in May 2021. All previous May average sales prices fell far below $500,000, while the average number of days a home was on the market was upwards of 100 in every May save 2017, when it was 80.

There have been 108 homes sold in the county from Jan. 1 to May 31 this year, the lowest number since 81 homes were sold year-to-date in 2011 as the country was just recovering from the Great Recession. Only last year’s total sales volume for the first five months – $92,987,252 on 185 sales – topped this year’s $77,343,314. The average price of $716,141 for this year’s sales is far above all previous figures, including last year’s then-record high of $502,633.

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