Grand Rapids Real Estate Market Update

Grand Rapids Real Estate Looking Brighter

Grand Rapids Real Estate

Grand Rapids Real Estate

The Grand Rapids Real Estate market is looking brighter according to figures in a recent report from Realtor.com. Home Sellers have definitely been waiting for some good news. The number of houses on the market has decreased approximately 22% over the same time last year while the average asking prices have risen by 12.5%.

Average time for a home on the Grand Rapids real estate market is 100 days, down nearly 14% from a year ago and nearly 10 percent from January. Median prices for a home in West Michigan was listed at $135,000.

This new data places the Grand Rapids area in 71st place out of 146 markets surveyed.

Monthly Housing Summary

On the national level, inventory of for-sale single family homes, condominiums, townhouses and co-ops declined by -22.02% in February 2012 compared to a year ago, and declined in one month in all but two of the 146 markets covered by Realtor.com.

The median age of the inventory fell -9.76% on a year-over-year basis last month and the median national list price was up by 6.82% last month compared to February 2011.

The nation’s housing markets as a whole are in better shape today than at any time since the 2009-2010 tax credits. While higher list prices do not always translate into higher sales prices, they may signal a growing optimism on the part of sellers that the market has begun to turn around.

Many markets in areas hardest hit by foreclosures and low prices at the beginning of the housing decline–such as Florida markets and Phoenix–continue to register large year-over-year declines in inventories and large year-over-year increases in median list prices. At the same time, median list prices in other markets once the epicenter of the housing boom–including Las Vegas and many parts of California–continue to lag behind the country as a whole.

If you are considering selling your home or condo, contact me for a detailed market analysis and a report of recent sales in your area.

 

This entry was posted in Downtown Condos, Grand Rapids Condos, grand rapids real estate, Home Selling Information and tagged , . Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

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