Northwest Michigan Year-End 2021
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5-County Summary
635
2021 Closed Sales
+18% from last year
301k
2021 Avg Sale Price
+14% from last year
$220
2021 Price/SQ FT
+21% from last year
$191m
2021 Dollar Volume
+35% from last year
Monthly Activity
All
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 148 | 188 | 151 | 148 | 635 |
| Change | 47% | 114% | -22% | -4% | 18% |
| $/SF | 193 | 207 | 227 | 259 | 220 |
| Change | 3% | 13% | 29% | 40% | 21% |
| Avg Sale Price | $247k | $293k | $340k | $327k | $301k |
| Change | -2% | 18% | 26% | 18% | 14% |
$10k – $150k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 65 | 75 | 46 | 40 | 226 |
| Change | 33% | 97% | -47% | -40% | -6% |
| $/SF | 121 | 115 | 119 | 138 | 121 |
| Change | -10% | -7% | 7% | 35% | 6% |
$150k – $250k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 64 | 75 | 63 | 67 | 269 |
| Change | 60% | 88% | -16% | 20% | 27% |
| $/SF | 215 | 205 | 207 | 265 | 221 |
| Change | 17% | 8% | 24% | 31% | 21% |
$250k – $500k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 12 | 17 | 27 | 30 | 86 |
| Change | 50% | 143% | 50% | 30% | 54% |
| $/SF | 258 | 260 | 238 | 275 | 257 |
| Change | 8% | -17% | -5% | 10% | 1% |
$500k+
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 7 | 21 | 15 | 11 | 54 |
| Change | 75% | 600% | 15% | 38% | 93% |
| $/SF | 303 | 365 | 410 | 438 | 382 |
| Change | -10% | 33% | 15% | 27% | 12% |
Although inventory levels were low all year, closed condo sales were up 18% compared to 2020. Average sale price jumped 14%, and looking at the chart above and the table to the left, recent fourth quarter prices and price per square foot held strong and did not take the year-end dip typically seen. 2022 began with half of last year’s inventory but demand remains intense—especially for higher-end units. Over-$500k sales nearly doubled last year and 56% of this year’s January new pendings were on the market for 10 days or less. Expect low inventory and frequent bidding wars to continue driving up prices through the first half of 2022.
5-County Waterfront Summary
653
2021 Closed Sales
-16% from last year
$792k
2021 Avg Sales Price
+30% from last year
$338
2021 Price Per SQ FT
+27% from last year
$517M
2021 Dollar Volume
+9% from last year
Monthly Activity
All
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 103 | 185 | 201 | 164 | 653 |
| Change | 18% | 75% | -39% | -37% | -16% |
| $/SF | 286 | 326 | 370 | 348 | 338 |
| Change | 30% | 50% | 31% | 25% | 27% |
| Avg Sale Price | $724k | $765k | $839k | $809k | $792k |
| Change | 46% | 60% | 37% | 17% | 30% |
$10-$350k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 26 | 47 | 36 | 34 | 143 |
| Change | -28% | -6% | -61% | -60% | -46% |
| $/SF | 150 | 174 | 185 | 202 | 178 |
| Change | 10% | 22% | 22% | 29% | 19% |
$350k-$600k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 28 | 46 | 57 | 48 | 179 |
| Change | 0% | 64% | -45% | -24% | -20% |
| $/SF | 224 | 222 | 230 | 213 | 222 |
| Change | 14% | 8% | -7% | -2% | -2% |
$600-$1m
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 30 | 51 | 56 | 44 | 181 |
| Change | 114% | 143% | -34% | -29% | -1% |
| $/SF | 278 | 323 | 373 | 347 | 334 |
| Change | -3% | 41% | 28% | 22% | 19% |
$1m+
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 19 | 41 | 52 | 38 | 150 |
| Change | 111% | 486% | 13% | -25% | 33% |
| $/SF | 403 | 459 | 507 | 503 | 477 |
| Change | 28% | 0% | 19% | 33% | 21% |
Through most of last year, inventory levels were about one-third of what they were the previous year. The listing shortages combined with extreme buyer demand created bidding wars that drove the average sale price up 30% from $607k in 2020 to $792k in 2021. Prices skyrocketed in the spring before falling back off in June. The drop had nothing to do with declining values, but rather, the drop in inventory quality as most of the best 2021 listings sold immediately when listed—nearly half of last spring’s sales were on the market for 10 days or less. Current inventory levels are even lower and demand just as high as last year. Expect similar activity and price patterns this spring.
5-County Non-Waterfront Summary
2,066
2021 Closed Sales
-4% from last year
$335k
2021 Avg Sale Price
+19% from last year
$181
2021 Price Per SQ SF
+23% from last year
$693M
2021 Dollar Volume
+15% from last year
Monthly Activity
All
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 342 | 500 | 626 | 598 | 2,066 |
| Change | -14% | 43% | -14% | -10% | -4% |
| $/SF | 161 | 180 | 188 | 188 | 181 |
| Change | 21% | 29% | 24% | 21% | 23% |
| Avg Sale Price | $300k | $332k | $346k | $347k | $335k |
| Change | 26% | 22% | 19% | 14% | 19% |
$10-$200k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 105 | 89 | 115 | 115 | 424 |
| Change | -35% | -28% | -48% | -40% | -39% |
| $/SF | 109 | 116 | 118 | 119 | 115 |
| Change | 4% | 6% | 12% | 19% | 10% |
$200-$350k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 137 | 238 | 276 | 247 | 898 |
| Change | -20% | 52% | -14% | -12% | -4% |
| $/SF | 162 | 171 | 171 | 170 | 169 |
| Change | 19% | 25% | 19% | 12% | 18% |
$350-500k
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 59 | 104 | 132 | 142 | 437 |
| Change | 18% | 126% | 6% | 26% | 31% |
| $/SF | 172 | 194 | 196 | 195 | 192 |
| Change | 18% | 42% | 19% | 17% | 21% |
$500k+
| Q1 | Q2 | Q3 | Q4 | Total | |
| Units | 41 | 69 | 103 | 94 | 307 |
| Change | 193% | 200% | 66% | 19% | 72% |
| $/SF | 196 | 215 | 237 | 238 | 226 |
| Change | -5% | 0% | 13% | 20% | 10% |
Extreme buyer demand continues to outpace supply. 2020 supply levels were half of what they were the previous year and current levels are just two-thirds of what they were last year. Last year’s average sale price was up 19% compared to 2020 and price per square foot was up 23%. As seen in the chart above, multiple-offer buyer competition drove price per square foot up 26% between January and July. Prices leveled and competition faded slightly as many of the year’s best listings were sold off. 58% of June sales were on the market less than 10 days and average market time was just 24 days. Expect similar sales and price patterns through the first half of 2022.
