Harbor Springs Real Estate Market Update: 2018 vs. 2019.
Following the national trend our local real estate market continues to show a strong and improving seller’s market. You’ve probably caught the headlines or heard it from other real estate agents before, but we wanted to provide you with real data from our small real estate market in Harbor Springs, Michigan.
A sign of a strong seller’s market, sellers were not willing to reduce their price much during negotiation. There was only a 6.39% difference between average asking price and selling price in 2018, and a 6.19% difference in 2019. When representing buyers Birchwood Realty managed to negotiate a whopping 12.02% price reduction on average for our clients in the Harbor Springs market!
We saw an average sales price increase of $39,358 in 2019, and the median selling price increased by $6,000. Knowing that averages can easily be thrown off by even one large sale we dug deeper to find there was only a $149,000 difference between the highest selling price in 2018 and 2019, and no other significant anomalies.
The average number of days a property was on the market dropped from 192 days to just 155 days in 2019. In other more densely populated markets this may seem like an eternity, but in our market this is a relatively short time on market. Looking back just 5 years, the average days on market was 271 days.
If you appreciate being provided this information and our efforts consider working with Birchwood Realty or joining our sales team!