Average Home Prices in Grand Rapids, MI Show First Increase Since November 2009…

If the saga in the real estate market was a mystery novel, readers would be glued to the pages!  The article below is re-printed with permission from the Grand Rapids Realtor® Report, a monthly publication of the Grand Rapids Association of Realtors®.
Winter has traditionally been a period in which sales declined due to weather, holidays etc.  But Grand Rapids experienced an upward trend as prices stabilized and inched upwards and inventory levels declined.  This was a welcome development from the steady upwards creeping of distress sales (short sales and foreclosures) that the market witnessed towards the end of 2009. Read more about recent developments from Association leaders for yourself!
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Rain boots...spring is around the corner...The average single-family home sales prices rose 4.6% to $110,574, over January 2010 ($105,714), the first increase since November 2009. The total number of single-family homes sold in February was 930, up 16.1 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 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.”

To view more homes in Grand Rapids, MI please visit our website:  www.auduhomes.com.  You can register to have any homes that match criteria which you pre-select delivered to your e-mail as soon as the property is listed online!  Say goodbye to waiting for the best deals today!

*article re-printed w/ permission – Grand Rapids Realtor Report March 2010

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