The average single-family home sales prices rose4.6% to $110,574, over January 2010 ($105,714), thefirst increase since November 2009. The total numberof single-family homes sold in February was 930, up16.1 percent from last month and up 25.5 percent compared to February 2009 (741). Dollar volume of single family homes sold was up 45.6 percent compared to last month.
The number of total active residential listings rose to 7,935 in January. This coupled with the increase in February sales, lead to a decline in the months-of-inventory level to 8.5 months in February, down from 9.5 months in January 2010.
Julie Rietberg, CEO of the Grand Rapids Association REALTORS, commented on the numbers, “The numbers for February were impressive considering that it is a short month and the weather we had in West Michigan,” said Julie. “The winter months were better than what REALTORS were predicting and they are now looking forward to a strong spring market.”
John Postma, President of the Grand Rapids Association of REALTORS, commented on the market, “We’re continuing to see small improvements in the market,” said John. “The average ‘days on market’ is going down, while the average selling price, median sales price and the percentage of the listing price compared to the sales. In certain segments of the housing market, we’re seeing a shortage of homes.”
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*article re-printed w/ permission – Grand Rapids Realtor Report March 2010