Our local real estate board, GRAR, recently released statistics for Grand Rapids in January. The new year signaled a very strong start in the residential real estate market. Not only did we have a significant increase in the number of homes sold in January from a year ago, the time on market dropped from an average 90 days to 76 days. This means homes are selling faster. Furthermore, there was a slight increase in the average home sales. Prices were up about 2% from a year ago.
Historically January is a slow month in residential real estate. That was not the case this year. There is and continues to be a very high buyer demand with lower than normal inventory. If this continues the trend of higher prices and fewer days on market will likely continue. In fact, the early numbers for February indicate the market will continue to improve.
If you’re thinking about listing your home, going to market when inventory low is a good business decision. Contact me if you’d like assistance. When inventory is tight, it is equally important to have a skilled and deeply experienced buyer’s agent in your court if you’re looking for a new home. With my ABR designation, I’d be happy to help you navigate the burgeoning market rebound!
If you’d like to view the GRAR report, plead download this PDF: GRAR_January_2012
We came across this interesting summary article by MSNBC.com’s The Bottom Line, which draws from a study performed by Atlas World Group on migration patterns among states. We were pleased to learn that after six years of drain, Michigan became a balanced state! Read an excerpt of the story below or the full study at the link that follows!
