May Housing Numbers Continue Trend Of Major Local Growth
June 25, 2010
Kalamazoo, Michigan - The Greater Kalamazoo Association of REALTORSŪ (GKAR) announced their response today to the Monthly Cumulative Sales Report for May. The data displays extremely encouraging housing news for Kalamazoo area homebuyers and homesellers alike.
For the eighth consecutive month, residential units sold comparatively improved over prior year statistics. In fact, this May's sales of residential units, 343, indicate a staggering 29.5% rise in homes sold from May of last year. Additionally, the average residential selling prices of local homes improved the most in a May-to-May
comparison since detailed comprehensive data became tracked monthly over eight years ago. The average
residential selling price for the area rose 12.9% from May of 2009 to $136,356. To complete the trend of
statistical increases, total dollar volume of residential sales rose a whopping 46.1% to $46.8 million in value
compared to this time last year.
"The Kalamazoo area has experienced many buyers remaining in the market even without the tax credit," said Frank Mortl, III, Chief Executive Officer of GKAR. "Missing the tax credit deadline of April 30th might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do. Interest rates have fallen so dramatically since the tax credit ended, that the typical purchaser would have saved a bundle on the duration of their mortgage payments over time by waiting until now to buy a home."
"For people who were on the sidelines, there's been a return of buyer confidence with stabilizing home prices,
an improving economy, and mortgage interest rates that continue to hit historic lows. A return to old-fashioned responsible lending and buying is helping the housing market locally return inventory to its proper level and adjust home values in the right direction. Many GKAR REALTORŪ members tell us they are very busy with clients who are entering the market now as a result of improved financial conditions as well as a general sense from homebuyers and homesellers who appreciate a slowdown from the frantic market conditions the tax credit created in recent months. Buyers are focused on finding the right house and are taking advantage of favorable affordability conditions. For many buyers, owning a home is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community."
Home mortgage rates continued their trends downward in recent weeks as the 30-year fixed-rate mortgage averaged 4.72% while rates on 15-year fixed-rate mortgages fell to another record low of 4.17%. Also, the
five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.92% while one-year Treasury-indexed ARMs fell to a new six-year low of 3.91%.
GKAR encourages anyone interested in the purchase of a home to contact a local greater Kalamazoo REALTORŪ 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.
Click Here for May Comp Report
Click Here for Monthly Figures Breakdown thru May
Contact:
Frank Mortl, III
Chief Executive Officer
Greater Kalamazoo Association of REALTORSŪ
5830 Venture Park Drive
Kalamazoo, MI 49009
269-382-1597
frankm@gkar.com
gkar.com
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