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Wednesday, January 16, 2013

2012 Real Estate Recap

Okay, we know most of you visit our blog to find fun events, see pictures of the area, and feel a little more connected to Presque Isle when you're away, but we thought you might want to know a little about how the real estate market fared in 2012.

Number of homes sold in Presque Isle in 2012: 45
Low price: $5,192
High price: $395,000
Average price: $138,797.60
Total: $6,245,892

Number of homes sold on Grand Lake: 20
Low price: $80,000
High price: $385,000

Number of homes sold on Long Lake: 20
Low price: $50,000
High price: $395,000

Number of homes sold on Lake Huron: 2
Low price: $285,000
High price: $340,000

Number of homes sold in Presque Isle Harbor Association:  12
Low price: $5,192
High price: $100,000

Number of PIHA vacant lots sold: 19
Low price: $500
High price: $5,300

Number of Grand Lake lots sold: 5
Low price: $8,000
High price: $90,000

Number of Lake Huron lots sold: 2
Low price: $45,000
High price: $52,000

Overall, it was a great year (besides the low prices!) Motivated buyers snapped up much of the inventory on Grand Lake and in Presque Isle Harbor Association, with Lake Esau and Lake Huron still lagging behind a bit.  After 3 or 4 years with next to no vacant waterfront lots selling, it was nice to see some activity there again as well.  With vacant lots in the Association going for historic lows, it's no surprise the number of sales jumped from 7 in 2011 to 20 in 2012, and buyers are already contacting our office hoping to take advantage of the continued low prices in 2013.

We are hoping for a slight uptick in prices on Grand Lake this year, and prices leveling off on forest homes within the Association as long as demand continues to increase and interest rates remain low.  If the number of prospective buyers contacting our office this early in the year is any indicator, we should expect another very busy year in the real estate world! 





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