May Real Estate Numbers Are In, And They Aren't Pretty
June 15, 2020
The COVID-19 pandemic and resulting economic shutdown certainly took a toll on the real estate industry in May, as every county served by the Traverse Area Association of Realtors was down significantly, in both the number of homes sold and the dollar volume. For the five-county area, the number of homes sold dipped from 309 in May 2019 to 116 last month, a 63 percent drop. The overall dollar volume fell from $92,691,994 last May versus last month’s $33,386,670.
In Grand Traverse County, sales dropped from 173 homes for $53,085,679 to 65 for $18,591,570. Sales also fell by approximately two-thirds in Leelanau, from 39 homes to 13, and $15,672,750 to $5,525,500, and in Antrim, from 42 and $12,005,815 to 14 and $3,330,700.
The slowdown was also evident in the downturn in average and median prices, though that change was not as universal. Overall, the average home sale price dropped from $299,974 in May 2019 to $278,816 in May 2020. The one area which seemed least affected was “Days On Market,” which varied from county to county, increasing in Leelanau and Antrim, while decreasing in Grand Traverse, Benzie and Kalkaska. Overall, the change was modest, going from 106 in 2019 to 104 in 2020.
The overall decrease in sales was even more notable given that the totals in May 2019 were the high-water mark for the month for the past decade. Last month’s totals were the lowest since the recovery began from the Great Recession. Year to date, the total 864 units sold are also the lowest dating back to 2012.
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