West Michigan’s real estate market has flipped. It’s now a seller’s market instead of a buyer’s market, says Julie Rietberg, CEO of the Grand Rapids Association of Realtors (GRAR).
“We have been saying for months that it’s a good time to buy, but we’ve done an about-face on that message,” said Rietberg after her May real estate report showed a 31 percent increase in pending sales and a 35 percent increase in closed sales over last year.
“The average sale price also continues to climb while the months of inventory figure is the lowest it has been in more than 15 years,” Rietberg said. ““It really is a great time to sell – we are in desperate need of inventory.”
Last month, there were 914 residential closings, a 35 percent increase over May, 2011, according to the GRAR statistics. Sales of multi-family homes were up 70 percent over last May.
The average home sold for $135,846, a 10.8 percent increase over May, 2011. Through May, the average home price was $123,470, a 7.8 percent over the first five months of 2011.
Another sign of a seller’s market? Homes are selling faster. The average home was on the market for 70 days before it sold in in May compared 85 days one year earlier, according to the GRAR figures.
Homes whose sales were pending in May were on the market an average of 68 days compared to 88 days in May, 2011.
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