The chart above details the level of foreclosure activity in various states across the country. Michigan has moved out of the ‘Red Hot’ zone as conditions continue to stabilize and improve in the State. But, to obtain a true picture of what is happening in West Michigan, you need to drill down into the numbers.
Statistics just released from the Grand Rapids Association of REALTORS today indicate some significant and encouraging trends emerging in the local market. Housing is on the beginning of a rebound. Are you ready to take advantage of this?
Here are some key points highlighted in the report from the Grand Rapids Association of REALTORS.
*The Average Home Sale Price jumped up 7.8% from $116,565 in March 2011 to $125,658 (March 2012)
*For an Year to Year comparison, the increase was more impressive – 9% increase from $112,453 in 2011 to $122,543 in 2012
*Distress Sales in West Michigan continue to trend downwards. From a high of 62% several years ago, the number are now between 40-44%
*Inventory Available (based on Pending Sales) is 3.9 months. (Refer to my blog post on the Meaning of this number for Home Sellers)