Current Condo Inventory
January 21, 2025
Northern Great Lakes Realtors
Active “Condos” 253
- Actual Condos 178
- Fractional Ownership 75
30% of current MLS condo inventory is
fractional ownership
5 month supply of Condos
18 month supply of Condos
Fractional ownership is form of property ownership where multiple buyers share a property, typically vacation homes, with each owner allotted specific usage time. Unlike timeshares, fractional ownership provides actual property deeds to owners, offering a more substantial investment.
During the pandemic, fractional ownership gained popularity as a flexible and affordable alternative to full ownership. In Northwest Michigan, many properties classified as “condos” on the MLS are fractional units, especially in Traverse City, with additional activity in Glenn Arbor, Cadillac, and Thompsonville.
Implications for Agents, Buyers, and Sellers
Understanding the distinction between traditional condos and fractional ownership properties is important for setting expectations with clients— specially when your client calls filled with excitement asking about the 1,600 square foot condo listing on East Bay for $129k! For buyers, fractional ownership can be an affordable entry point to vacation property.
Fractional vs Timeshare Comparison
- Fractional Ownership: Shared property deed, long-term investment potential, more control.
- Timeshares: No ownership stake, more akin to vacation rental rights.
It’s important to distinguish fractional properties from traditional condos for buyers and sellers. On the MLS, fractional ownership properties are blended in with condos. Instead of having their own property type, they need to be filtered from condos using a feature code. Higher inventories and slower turnover may create deal opportunities to draw people into our NW markets. There are active listings available on East Bay. $129k for your share of a 1,622 square foot unit in a property with 450’ of shared East Bay frontage. Price reduced from $149k!
