Bay Co Real Estate Update
The drive is on to finish the year on an up-note! The first 9 months of 2015 were almost 10% over 2014's totals for the same period. The average sold price of a Bay County MLS listed property was $92,238 vs. $84,280 from a year ago. Some areas did better than others. The City of Bay City saw more sales (308 vs 269), in fewer days on market, but at a lower price across the board. The NE section had an average price of $63,453 (118 DOM) while last year the price was $66,297. The SE of Bay City has the lowest average price. This year it is running at $46,571 while last year it was $48,139.
The townships are faring better. Leading the way is Monitor with 87 sales at an average of $148,737 (vs. 75 at $128,652). Disappointing sales were discovered in Frankenlust with 13 sales at an average of $147,374 (vs. 24 at $174,544). Bangor however had a robust 107 units at $121,027 while last year saw 99 at $108,822. The Essexville market struggled in 2015 with 41 sales at an average of $71,868 compared to 40 sales at $76,507 a year ago. Hampton fared better with 55 sales at $118,819 while the township experienced 45 sales at $98,013 in 2014. The Auburn area had mixed results for the first 9 months of the year. The City of Auburn had 11 sales at $137,127 average vs. 16 last year at $108,006. Williams Township saw a decline from the 24 homes sold this year at an average of $129,515 after reaping 24 sales at $136,986 in 2014.
In October there are changes coming to the closing process due to the Dodd-Frank law and Consumer Finance Protection Bureau oversight. It is important for Buyers to check with their loan originators (see Dan McEvoy below) to see how this will impact them.