The real estate slowdown is continuing, though prices remained relatively stable or actually increased across the region in February. Last month there were 127 home sales in the five-county region, compared to 148 in February 2022. It was the lowest number of sales for the month since 2014.

The total of 70 sales for Grand Traverse County was not dramatically different from 2022, when there were 78. Leelanau, Benzie and Kalkaska also saw similar numbers to the year previous, with 19 (2023) and 18 (2022) in Leelanau, 13 and 15 in Benzie, and 13 and 12 in Kalkaska. Sales in Antrim County, however, dropped to fewer than of February 2022, going to 12 from 25. The average price there, however, increased to $484,341 from $382,864 in February 2022. Grand Traverse County also saw an increase in average price, to $476,182 from $442,944. Kalkaska County home sale prices also escalated, to an average of $286,276 from $149,150. Leelanau County home sales saw a steep decline, dropping to $703,394 from $899,790 last February.

Overall the average price increased to $474,482 – a new high – on sales of $60,259,338. Last year’s $450,998 average price was derived from total sales of $66,747,725. That figure remains the highest total for a February. The average number of days a home was on the market was virtually unchanged from last year, 86 versus 85. Previous February sales all averaged above 100 days on the market.