March Housing Sales Display Positive Trends

April 16, 2009

Source: Frank Mortl, III
Job Title: Chief Executive Officer
Phone: (269) 382-1597
Email: FrankM@gkar.com

The Greater Kalamazoo Association of REALTORS® (GKAR) announced their response today to the Monthly Cumulative Sales Report for March. The data presents encouraging news for Kalamazoo area homebuyers and homesellers alike.

Residential sales went up since February, representing a 23% increase in the last month alone. In fact, residential sales have displayed a positive trend upward every month this year to date. Local REALTORS® attribute some of the increase to what appears to be the real estate industry entering the recovery phase of the Stimulus Package which accounts for a qualified first-time homebuyer tax credit of $8,000.

Additionally, local REALTORS® are experiencing a great deal of activity in the markeplace, witnessed by the fact that future pending sales for the next thirty to sixty days appear to be much higher than in years past as we enter the homebuying season.

"On average, homes in the greater Kalamazoo area are selling within 7% of the original asking price, which is pretty encouraging considering the economic downturn the country is facing," said Frances Doezema, a REALTOR® member of GKAR who owns Time Line REALTORS® of Kalamazoo. "Homebuyers are taking advantage of terrific values right now as we are seeing prices for residential listings that are equivalent to what we experienced in the 1990's."

Though average residential sale prices have dropped significantly since March of 2008, local REALTORS® attribute the reduction in large part to the unusally high number of foreclosures that continue to drive down the market. To compound the matter, there are fewer overall listings than is typical for this time period as shrinking inventory has accounted for a 20% decrease in available homes from this point last year. However, based on reports from the field, a well-priced, well-presented home is still a hot commodity in the greater Kalamazoo area.

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 www.gkar.com or contact the GKAR office at 269.382.1597.

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