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Grand Rapids Real Estate Market Update – March 2010
Grand Rapids Real Estate Market Update
The Grand Rapids real estate market continues to show some life for the moment. The average single-family home sales prices rose slightly from 4.6% to $110,574, over January 2010 ($105,714), the first increase since November 2009. The total number of single-family homes sold in February was 930, up 16.1 percent from last month and up 25.5 percent compared to February 2009 (741). Dollar volume of single family homes sold was up 45.6 percent compared to last month. These numbers while promising, will be impacted by the $8000 Tax credit coming to an end.
The number of total active residential listings rose to 7,935 in January. This coupled with the increase in February sales, lead to
a decline in the months-of-inventory level to 8.5 months in February, down from 9.5 months in January 2010.
John Postma, President of the Grand Rapids Association of REALTORS, commented on the market, “We’re continuing to see small improvements in the market,” said John. “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 stability or improvement. In certain segments of the housing market, we’re seeing a shortage of homes.”
If you are thinking of putting your Grand Rapids home or condo on the market and would like to know what it would sell for, please visit the Home Evaluation section of this website and fill out the form. There is no cost and no obligation for this service. We will get back to you within 24 hours with a detailed report on your home’s market value and your costs to close.
Our websites enjoy top search engine placement and our listings receive a great deal of market exposure to local and out of town buyers. Visit our Grand Rapids Grand Rapids Homeseller page for more information on our proactive marketing and let us know how we can help.