April Housing Numbers Display Record Gains
May 20, 2010
Source: Frank Mortl, III
Job Title: Chief Executive Officer
Phone: (269) 381-1597
Email: FrankM@gkar.com
Kalamazoo, Michigan - The Greater Kalamazoo Association of REALTORS® (GKAR) announced their response today to the Monthly Cumulative Sales Report for April. The data displays extremely encouraging housing news for Kalamazoo area homebuyers and homesellers alike.
For the seventh consecutive month, residential units sold comparatively improved over prior year statistics.
In fact, this April's sales of residential units, 359, indicate a whopping 30% rise in homes sold from April of last year. Additionally, the average residential selling prices of local homes improved more in an April-to-April comparison since 2003 - 2004. The average residential selling price for the area rose 8.8% from April of 2009 to $130,857. To complete the trend of statistical increases, total dollar volume of residential sales rose a staggering 41.5% to $47 million in value compared to this time last year. These increases in units sold and
total dollar volume of residential sales mark record gains for our area since detailed comprehensive data became tracked monthly over eight years ago.
"Things have been moving a lot faster this year than they did last year at this time", said Bill Evenboer, Broker and Owner of Evenboer - Walton REALTORS® of Portage. "As April 30th served as the deadline to sign a contract and qualify for the federal tax credit of up to $8,000 for first time homebuyers and $6,500 for certain repeat buyers, buyers were competing with each other for homes in the final weeks of the credit - which pushed up prices. Our expectation locally is that although we may experience a bit of a housing hangover this summer after all of the tax credit deals close, we are trusting that sales will pick up again as we head towards the fall. Economic indicators for the greater Kalamazoo area have shown steady increases over the last several months and that is great news for a variety of industries, including housing. The job market is coming back and having sustainable employment for our area is very important in driving demand for homes. A stronger economy combined with low interest rates and affordable home prices should provide the housing market with the lasting boost necessary for continued demand and growth."
"The stabilization of home prices is also an encouraging sign that the tax credit has worked", Evenboer added. "As home prices have finally started to trend in the right direction, it's clear that the tax credit was very effective in drawing down excess inventory and helping home values find a more stable and increasing level. GKAR leadership is hopeful that buyer and seller confidence is back, and that new and trade-up buyers have long-term views. We are finding our typical buyer plans on staying in their home for ten years, which indicates the flipping mentality is behind us and most people are seeing housing for what it is - shelter that provides social benefits and stability and is also a great long-term investment."
GKAR encourages anyone interested in the purchase of a home to contact a local greater Kalamazoo REALTOR® for more information on homebuying opportunities and the advantages available to both new and trade-up buyers. For more information on the many reasons to consider the purchase of a home in the greater Kalamazoo area, visit gkar.com or contact the GKAR office at 269-382-1597.
Contact:
Frank Mortl, III
Chief Executive Officer
Greater Kalamazoo Association of REALTORS®
5830 Venture Park Drive
Kalamazoo, MI 49009
269-382-1597
frankm@gkar.com
gkar.com
