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 consecutive 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