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 January, the average price per sq.feet was $3,967. In February this price pretty much remained the same at a value of $3,907 per sq.feet. The price for the following two months in (March, April) had a considerable decrease of 6 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 16 % 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 $2,090.5 to $330.5 during May, and June.
Based upon to the price in Traverse City (cities), this has fallen considerably in the last 6 months. In our first sample month during January, the average price is $1,241,421. In February This price remains at $1,184,348. During the following two months (March, April) the average price had a considerable reduction of 19 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $718,912.5 to $233,229.5, which means a 32 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $243,444 they are 21 % more affordable than the average price for Traverse City. The properties with the highest average price have 4 bedrooms, Their price is 73 % more costly than the average. After that we have properties with 3 bedrooms priced at $273,958.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $296 / sq.feet, with an average $398 / sq.feet price in Traverse City. The properties with the highest average prices have 3 bedrooms. They are 87 % more expensive than the average followed by properties with 2 bedrooms with a price at $322 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $243,444 it is 9 % cheaper than the average price in Traverse City. "House" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "House". At a price of $252,093 it is 407 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "House" at an average cost of $228 / sq.feet followed by "Condo" priced at $563 / sq.feet. "Apartment" is the most costly type of property with a $3,947 / sq.feet cost followed by "Condo" with an average price of $563 / sq.feet.