Great news for people in West Michigan, the real estate market is finally recovering!
According to research on sold homes within the Grand Rapids Association of Realtors data range, February is when this year’s Spring market really kicked in, showing a 40% increase in sales volume in the region as compared to the year before.
Current reports show that the strengthening of West Michigan market will continue. Not only are total number of homes increasing, but value is also increasing. This is a good sign for people worried about foreclosures dragging down prices, bad news for those looking to capitalize on home flips and property investments.
GRAR stats from May 2011 show that 1100 homes were sold in West Michigan, as compared to 1400 in May 2012. Total sales volume in May of 2011 was $123 Million as compared to $180 Million this year. That’s a 20% increase in number of homes sold, and a 32% increase in value.
June continues to be a hectic month for Realtors in the area, and listings continue to sell.
The numbers above are a good indicator that West Michigan is selling fewer “fire sale” listings, and more on normal terms. So how do these numbers translate to property value? CNN Money predicts that the average home in West Michigan will appreciate by 3.6% in the next year. People in West Mighigan, get ready for your homes to start appreciating again!