I sat down with Ted Schweitzer the other day at the new Seven Hills gathering space. Over coffee, we talked about how things are going with the real estate market on the Old Mission Peninsula. Ted is my longest-running advertiser on the Gazette (thank you, Ted!), and when it comes to real estate, he knows the Old Mission Peninsula inside and out.
In fact, he’s known as the “Old Mission Specialist” in residential and land, and in 2022, he was the top producer at the Front Street location of Real Estate One.
Old Mission Gazette is Reader Supported.
Click Here to Keep the Gazette Going.
He said we’ve been in a seller’s market for quite a while. Remember when not too long ago, homes were getting multiple offers and selling way over asking price within days of being listed? That’s starting to shift, he said.
“Homes are staying on the market longer, and buyers are not faced with multiple offer situations with every home,” he said. “There’s still a few of those, but we’re moving towards a more normal market.”
He added that homes are still selling pretty close to asking price. “One thing that’s interesting is that sales are up, but the reason sales are up is because there wasn’t enough inventory last year.”
The pandemic had something to do with that. Buyers realized that they could work remotely, so why not do that from northern Michigan? Interest rates were also low at that time, “and I think that ate into future sales,” said Ted. “People who weren’t going to be buying decided to buy sooner, rather than this year or next year.”
Some of his Old Mission Peninsula listings include:
- 30 Acres on Kroupa Road
- 14750 Mallard Drive (off Bluff Road)
- 19171 Whispering Trail (off Center Road, heading out towards the lighthouse)
Here are the numbers he provided for real estate sales for the Old Mission Peninsula through the third quarter of 2023, and how they compare to that same time frame in 2022.
ALL RESIDENTIAL PROPERTIES
Average sales price: $1,145,688 (up 14% from Q3 2022)
Total sales: 79 (up from 70 Q3 2022)
Average days on market: 79 (up from 70 days Q3 2022)
List to sold %: -1.3% (down from 0.3% in Q3 2022)
WATERFRONT HOMES (private and shared)
Average sales price: $1,406,742
Total sales: 49
Average days on market: 97
List to sold %: -1.5%
Average sales price: $824,113
Total sales: 15
Average days on market: 64
List to sold %: -1.4%
Average sales price: $576,542
Total sales: 14
Average days on market: 34
List to sold %: + 0.2%
A NOTE FROM JANE: I started Old Mission Gazette in 2015 because I felt a calling to provide the Old Mission Peninsula community with local news. After decades of writing for newspapers like the New York Times and Los Angeles Times, and magazines like Family Circle and Ladies' Home Journal, I really just wanted to write about my own community where I grew up on a cherry farm and raised my own family. So of course, I started my own newspaper. Because the Gazette is mainly reader-supported, I hope you'll consider tossing a few bucks my way if I mention your event, your business, your organization or your news item, or if you simply love reading about what's happening on the Old Mission Peninsula. Check out the donation page here. Thank you so much for your support. -jb