Northern Michigan has been enjoying a surge in corporate and residential real estate and that trend is continuing. There has been a significant amount of corporate real estate growth. As so often happens, the health of the residential market has followed suit.
While corporate growth has been on the upswing for some time now, it has taken the residential sector a little longer to catch up. Residential sales had been down in recent months when compared to the same period in previous years. The residential numbers for May showed a significant increase.
In May 2019 there were 309 residential sales in the five-county area as compared to 276 in 2018. The May number also surpasses previous years with only 2016 and 2013 coming close with 303 and 300 sales, respectively. Dollar values were also up as the year-over-year amount for May was almost $20 million more than last year, at $92,691,994 versus $73,032,357. The average number of days that a house is on the market is declining to a current low of 106 days.
Real estate has long been considered by many to be a good investment. It would appear that that is the case in Northern Michigan. Anyone interested in investing in either corporate or residential real estate may wish to consult with a real estate attorney. An experienced attorney can review any contracts that one may be considering and help one to arrive at a fair deal. A lawyer can review the contract and help ensure that the client understands the terms of the contract and the information contained therein.
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