For lakeshore,
lakefront home sales for the first five months of '07 compared to '08.
In 2007 there were 7 homes sold in this reporting area with a average sale price of $1,745,321, in '08 there were 10 sold with an average sale price of $1,426,111, representing a 18% decrease in average sale price. The median price for the two years was $1,711,250 in 2007 and $1,200,000 in 2008.
Average days on the market in '07 was 173 compared to 94 in '08. Average list price to sale price percentage, in '07 sellers got 97.93% of their asking price, wheras in '08 that number is 95%. In '07 the high and low
lake Michigan home sales were $2,760,000 and $870,000, in '08 those numbers are $2,950,000 and $885,000.
Average price per square foot for these homes was $766.99 in 2007 and in 2008 it was $647.20.
Just a note, one of the listings at $1,900,000 reported a sale price of $1,000. This is throwing off numbers for the '08 reporting year.
Prices down, sales up. All in all things are pretty equal when you compare the two years.