The prices in real estate in Traverse City, in the Michigan region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Traverse City has had a strong decrease during the last 6 months. In July, the average price per sq.feet was $704. In the following month the price per sq.feet decreased considerably to $318. The price for the following two months in (September, October) had a considerable decrease of 56 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 58 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $397.75 to $231 during November, and December.
Based upon to the price in Traverse City (cities), this has gone up considerably in the last 6 months. The average price for July is $396,830. During August the price had a slight fall till $374,301. During the following two months (September, October) the average price had a considerable increase of 123 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has gone up 113 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of $522,342 they are 37 % more affordable than the average price for Traverse City. The properties with the highest average price have 4 bedrooms, Their price is 17 % more costly than the average. After that we have properties with 1 bedroom priced at $383,925.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $196 / sq.feet, with an average $232 / sq.feet price in Traverse City. The properties with the highest average prices have 1 bedroom. They are 71 % more expensive than the average followed by properties with 2 bedrooms with a price at $294 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $522,342 it is 0 % cheaper than the average price in Traverse City. "House" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "Commercial". At a price of $1,023,000 it is 132 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Commercial" at an average cost of $120 / sq.feet followed by "House" priced at $222 / sq.feet. "Land" is the most costly type of property with a $14,265 / sq.feet cost followed by "Farm" with an average price of $3,875 / sq.feet.