In NW Michigan, the selling season for new pendings winds down with summer. Buyers haven’t disappeared, but as the season shortens, sellers have fewer opportunities to get their attention.
Sales Are Slower. Prices Aren’t.
Through July, closed sales across the six-county region are down 3% from last year, while average sale price is up 7% and price per square foot is up 5%. July new pendings fell 30% from June as the market began its normal seasonal slowdown.
The takeaway isn’t that buyers won’t pay today’s prices. Fewer transactions are taking place, while buyers continue to pay for the homes they want.
Waterfront Is Different
Waterfront remains the strongest segment, with sales up 7% and average price up 6%. Non-waterfront sales are down 5% despite prices rising 5%, while condo sales are down 2% with prices up 2%.
The market isn’t moving in one direction. Waterfront scarcity continues to support both sales and prices, while activity elsewhere is softer even as values hold.
The Consulting Conversation
As the seasonal window narrows, positioning matters more. Waterfront sellers may have room to hold firm where comparable inventory is scarce. For non-waterfront and condos, sellers need to pay close attention to the condition, presentation and price of homes buyers are actually choosing.
The goal isn’t to price low. It’s to give today’s more selective buyer a reason to act now.
