Real Estate Outlook in Grand Rapids, MI
Average Sale Price on the Rise in Grand Rapids Michigan Real Estate for June 2009
July 25, 2009
Grand Rapids Market Report July 2009
The single family home sales continue to show signs of stabilization. For the month of June, home sales were up 26.2% compared to June 2008. Sales price of a single family home has seen an increase in the average price for the third consecutive month to $119,923,up from $97,073 in April 2009, but still down 12.5% ($130,220) from last June, according to the figures prepared by the Grand Rapids Association of REALTORS®. This is a 19.9% increase in the home sale price from the beginning of 2009, where home prices were an average of $95,010 for the month of January.
Greg Carlson, President of the Grand Rapids Association of REALTORS®, commented on the overall condition of the real estate market in West Michigan, “We’re seeing small improvements, consistent improvements, in numerous areas of the market” said Greg. “The average ‘days on market’ is going down, while the average selling price, median sales price and the percentage of the listing price compared to the sales price all continue to show improvement. In some areas it is a seller’s market.”
Julie Rietberg, CEO of the Association, commented on the numbers, “Distressed properties continue to drag down the overall market,” said Julie, “about half of all transactions are still distressed properties and many are in pockets which really skew the numbers. But the reality is houses are selling; I’ve heard reports from numerous REALTORS receiving full price offers, and offers above list.”
The number of total active residential listings remains virtually unchanged from 9,131 in June compared to 9,104 in May. Sales
year-to-date for single-family homes was up 10.9% compared to one year ago.
Quoted from an article on GRAR
