As the last embers of 2011 burn slowly into recent history, it’s always instructive to take a look back at where we’ve been with regards to the real estate market in the greater Grand Rapids metropolis. The numbers released by the Grand Rapids Association of REALTORS® show improvements in a number of areas. Here are some of the highlights:
1. Inventory Levels reduce 25%
With over 20,000+ listings for 2010, the numbers are significantly lower at 15,000+ listings Year to Date for 2011. There was a reduction in the number of foreclosure listings driven in part by some of the legal challenges that banks faced about foreclosure proceedings and the MERS ruling.
2. Dollar Volume and Number of Homes Sold/Closed Increases!
There was a 3% increase in the number of homes sold in 2011 vs 2010 and a 6.1% increase in the dollar volume. This trend seems to indicate a stabilization of the marketplace over the past twelve months. If the overall economic situation with regards to jobs continues to improve even marginally, we can expect to see continued modest improvements in this area.
3. Overall Average Home Sale Price increases 3% this Year.
With so much dire economic news, it’s sometimes difficult to hear the good news hidden within the chaos. Home sale prices have increased in spite of the foreclosure and short sale transactions which are still very much a part of the real estate landscape. This was accomplished within a context which included over 1400 homes that sold for less than $40,000. The increase was fueled at least in part by 88 homes which have Sold/Closed so far above $500,000.
Click this link to view the raw data release courtesy of the Grand Rapids Association of REALTORS®