Wondering how things are looking for real estate on the Old Mission Peninsula? Ted Schweitzer, a Realtor with Real Estate One who also lives on the Peninsula, weighs in with some numbers for the third quarter of 2019, as compared with the numbers for that same time frame in 2018.
Ted is also one of our trusted advertisers here on Old Mission Gazette, and he was the first business owner who contacted me and said, “Hey, I want to be part of this!” In fact, those were his exact words when we met for lunch at the Bad Dog Deli right after I launched the Gazette five years ago. I’m pretty sure I wept quietly to myself with joy and gratitude as I talked with him. Apologies if that was super awkward, Ted.
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Ted is also one of the nicest guys you will ever meet, and I’m honored to partner with him on helping to spread the word about his business, which includes several listings on the Old Mission Peninsula. (Side Note: If you’d like to advertise in the Gazette, click here to learn more or feel free to email me, [email protected].)
Ted also hosts a bake sale at Real Estate One every year at this time, with proceeds benefitting Big Brothers Big Sisters of Northwestern Michigan. While the bake sale took place today, he said anyone is welcome to give towards that organization at any time. You can drop off a check at Real Estate One, 511 East Front Street in Traverse City, or call him for more info, (231) 645-5656.
Old Mission Peninsula Real Estate – The Numbers
Ted says that the overall market in our five-county area continues to experience low inventory and rising sales prices, contrasted against modest gains in the number of units sold.
He notes that the residential real estate market on the Old Mission Peninsula has been following the same market trends over the last few years. However, Old Mission Peninsula unit sales and volume at the end of the third quarter of 2019 have outpaced total sales for 2018.
Condo sales indicators are down, most likely due to a lack of inventory. Land sales are also down for the last quarter, but their time on the market has decreased, so there is some conflicting market data there.
Ted notes that these are averages, so a tick up or down can have a significant impact on the percentage change. (See the chart at the bottom of this story.)
I asked him whether the high water levels and erosion have been an issue with OMP buyers, and he said it really hasn’t been a problem and that folks are still interested in waterfront properties.
Likewise, I wondered if the Peninsula Township ordinance which does not allow short-term rentals has been an issue with buyers. He noted that if someone is looking for rental properties, he will direct them to other townships which allow it.
“The big thing on Old Mission Peninsula is that we’ve had so many million-dollar-plus home sales,” he said. “It’s been record-breaking.”
Interested in the value of your property in today’s market? Contact Ted Schweitzer at [email protected] or call (231) 645-5656. Visit his website, tedschweitzer.com, for more information and listings.