Good News for West Michigan Real Estate Market as Distress Sale Numbers Continue to Plummet!

The demand for homes once again outpaced the amount of incoming inventory in West Michigan.  Current housing inventory levels hover around a four months supply.  Distress sales have also remained lower than in recent  years.  In fact, the numbers observed in distress sale activity are also a factor in the decreased inventory supply.  These trends are serving to stabilize the housing market which had witnessed a tremendous free fall in recent  years.

This is good news for the West Michigan real estate industry.  While we are not out of the woods yet, the general trends seem to indicate movement in a positive direction.  As we head into the fall months,  there is more evidence that 2012 may be the year in which the market turned for good.

Read this article for more information about Home Prices on the national level, plus data from the National Association of REALTORS.

*Distress sales data is obtained from the Grand Rapids Association of REALTORS.  The numbers are deemed reliable but not guaranteed.

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