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.
Total Home Sales up 26.2% From a Year Ago
Quoted from an article on GRAR
Westbrook Realty Grand Rapids Real Estate
photo of Grand Rapids Skyline by Bonnie Westbrook