The summer real estate market in Grand Rapids has included some positive momentum in several key areas. Here are the highlights in a nutshell.
- New Listings for the month of July were down almost 23% from the previous year (1,255 for 2011 vs 1, 628 in 2010). An even greater differential was observed YTD with listing inventory down 28.5%. We have witnessed a slow down in the number of foreclosures coming to the market.
- Another encouraging trend is the volume of Closed Transactions which are up by almost 45% from a year ago. The average days on the market for a successfully CLOSED transaction in July of 2011 was BELOW 90 days! However, it’s important to note that for vacant properties, the average days on the market remains fairly high at over 300.
- Average home Sale Price was also up by 17.1% with average home Sale Price also up by just under 19%. The average home Sale Price in July 2011 is now $136,183 and the average home Sale Price overall for the month is $132,289.
- Investors are purchasing properties at bargain rates in the case of distress sales. The volume of homes sold through Short Sales has hovered between the 40 – 45% range which is lower than many areas of the State.