MARQUETTE - The glut of home sale listings in the Marquette area over the past several years has now diminished and listings are tracking at pre-recession levels, showing definite signs of improvement and balancing of the marketplace.
That was the assessment Friday of Bruce Closser, of the Closser Associates, Inc. an appraisal firm from Marquette that produces an annual market study, which is released each February.
Closser's firm has been tracking a range of local real estate market indicators since 1983. The studies are created from sales information compiled from the Marquette Area MLS and the Closser firm's own market analysis.
(Journal photo by Adelle Whitefoot)
For the purposes of the study, the Marquette area is defined as the city of Marquette, Marquette Township, Chocolay Township and the portion of Sands Township lying north of Marquette County Road 480.
Arbitrarily, the firm takes quarterly data sample readings on listings and other facets of the market on the first Monday of January, April, July and October.
Closser said the July figures were recently obtained and entered into the data set.
"It's looking quite good for the listing side, the (housing) supply side," Closser said.
Closser said when there are too many listings, the marketplace is not in balance and the price of housing drops. Correspondingly, the average number of days it takes to sell a house lengthens. He said a market with 60 to 90 days average selling time is considered in balance.
"Listings started going up in the middle of 2007," Closser said. "They peaked in 2008 and then generally have been on a downward trend."
Closser said comparisons have shown declines for eight consecutive quarters.
In 2008, the average number of properties on the market was 246. That figure has now dipped to 160 for the first three quarters of 2012. The average selling time for a listing was at 107 days in 2006 and reached 160 days in 2008.
"Right now, we're just about the same as 2006," Closser said.
The full marketplace statistics for 2012 will be compiled at the end of the year.
John Pepin can be reached at 906-228-2500, ext. 206.