The average sale price for a home in Leelanau County, which holds one of the top median home prices in the state, dropped -6% during the first half of 2023 compared to 2022. The fall was led by a -19% reduction in waterfront properties.
But as predicted in our August post that those numbers could recover, the average sale price price for the 45 properties sold in the month of August jumped to $797,278. That's slightly better than the average sale price for all of 2022 and about $50,000 higher than the average for the first seven Months. With six properties currently listed between $1.2 million and $2.6 million, there's a good chance sales in the second half of 2023 will close that -6% gap. We expect to see home prices to end up relatively flat between 2022 and 2023, and go back up in 2024.
That home prices actually dropped or will remain flat in Leelanau County for the first half of 2023 should not come as a surprise. Remember, Leelanau County saw average home prices jump 26.2% in 2022, which leaves it’s 18 month average still comfortably ahead of Grand Traverse, Antrim, Benzie, and Kalkaska counties -- not to mention most of the state and nation.
Leelanau County waterfront was up even more in 2022 as average prices skyrocketed 42.3%. (Waterfront includes private and shared access on any lake, river, or stream.)So it’s no surprise those numbers have moderated
The number of sales so far this year is similar to 2022, which means the market remains extremely tight. A few high-end sales to end the year could make a big difference. Last year there were 13 waterfront sales of over $2 million, and most came in the second half of the year, including a $6 million purchase in October. As of early August there were just 5 waterfront sales over $2 million.
(The following paragraphs are part of the original post, based on our in-house analysis for sales in the first 7 months of 2022.)
An important point is that median home prices are up 5%. The median home value, the price in which half sell for more and half for less, is now at $575,000 for Leelanau County based on 2023 sales.
The average sale price is still $743,679 with waterfront just under $1.4 million.
Bottom line: It’s reasonable to expect prices to be flat compared to 2022 and this moderation may continue through the rest of this year, but this is more of a blip than a trend.
Editor’s note: 2023 sales are for the first six months of the year, plus 40 days, which captures the majority of homes that went under contract in the first six months of the year.
