West Michigan Real Estate Market Update
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Here’s what is happening in our current market:
- There are currently 2,439 homes for sale, accounting for a 13% decrease from last year when there were 2,900 homes on the market. We are seeing trends of very low inventory and very high demand!
- In the first quarter of 2014, there were 1,895 homes sold which accounts for an 18% decrease from 2013 when there were 2,306 homes for sale.
- The average time a home spends on the market in the first quarter of 2014 is 69 days, as opposed to 71 days in the first quarter of 2013. The slight 3% difference is normal and indicates a healthy market.
- The absorption rate in the first quarter of 2014 was 25% – anything above 20% indicates a “seller’s” market.
The slightly lower sales are nothing to be concerned about – we faced a tougher than normal winter, which put sellers about 30 days behind from when they actually should sell. If interest rates remain in the mid-4% range, expect the market to break loose.
If you have any questions or would like further clarification, please feel free to call or email me. Thanks and have a great day!