A housing recovery is underway in West Michigan. Although many in the real estate community have had their eyes glued to the numbers to monitor the trends for almost a year, the mounting evidence is now clearly evidenced. In numbers released for January 2013, the Grand Rapids Association of REALTORS chronicles what many real estate professionals have experienced over the past year…there has been a significant shift for the better in the real estate market for West Michigan.
What do the Numbers say?
1. A 10% increase in average Home Sales price from 2011 to 2012 highlights the improvement. ($120,404 in 2011 vs. $132,676 in 2012)
2. Inventory levels are way down. 2011 averaged only 4 months supply of inventory the entire year. This was in stark contrast to 2008 when Inventory levels reached all time highs of 13.3 months of Supply.
3. New Listings are also down dramatically by almost 40%.
5. The average number of Current Listings dropped below 4,000 in 2012. A huge decline from the high of 10,924 in 2007 and the lowest number of listing in the system since 2003.
What should you do?
Well, if you’re comfortable in your home and have a terrific interest rate, it is good to know that things are getting better and you can worry a little less about your home continuing to experience a precipitous decline in value. If you haven’t refinanced, you might want to take a look at if this makes sense for you as interest rates are already starting to creep up a little.
If you have been wanting to move and didn’t think you could…assess again. Give us a call at 616-791-0511 to have a FREE detailed analysis e-mailed to you with a potential listing range. You might be pleasantly surprised to find out what your home value is today. What’s the difference between our report and Zillow or Trulia? Well, for starters, our data is gleaned from real estate professionals who are actually selling homes and closing transactions daily. We live and work in West Michigan and know the market. Our expert analysis is not just an algorithm of compiled data, but gives you the benefit of professional experience in our marketplace.
Don’t wait until everyone else figures out that NOW is a good time to sell. Get a jump on the market place and make the most of the improved housing market. Below is a graphic snapshot of the West Michigan market courtesy of data obtained from Grand Rapids Association of REALTORS MLS database.