2017-01-26 / Front Page

Home sales increase nearly 24%

While construction fell just short of setting a new mark last year in Leelanau County, home sales soared well above its previous records.

A strong December helped the value of home sales finish at $179.2 million in 2016, nearly 24 percent above its previous mark of $144.6 million set in 2004.

And a new record was set for number of units sold at 474, according to figures provided by the Traverse Area Association of Realtors (TAAR). That previous annual record was 418 units, set in 2013.

Also soaring were home prices, much to the chagrin of people seeking to buy their first home or snatch up a deal. The median price for homes sold in 2016 in the county was $335,000, up 13.5 percent from the previous high of $295,000 set in 2015.

The numbers suggest that the housing has completely rebounded from the recession of 2008 and surpassed even the high marks leading up to the housing collapse. The pre-recession record for number of units sold in the county, according to TARR, was 315 in 2004. The pre-recession dollar volume mark was $114.9 million in 2005.

And momentum seems to be carrying into 2017, with $16.4 million recorded in home sales last month. That’s second only to the $18.2 million sold in 2014, and well ahead of the $13.8 million mark recorded during the final month of 2015.

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