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 c
onsecutive 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
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The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263
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