November Housing Sales Display Whopping 22.3% Increase
December 10, 2009
Source: Frank Mortl, III
Job Title: Chief Executive Officer
Phone: (269) 382-1597
Kalamazoo, Michigan - The Greater Kalamazoo Association of REALTORS® (GKAR) announced their response today to the Monthly Cumulative Sales Report for November. The data displays a continuation of very encouraging housing news for Kalamazoo area homebuyers and homesellers alike.
For the second consecutive month, residential units sold and total dollar volume of residential sales comparatively improved over 2008 statistics. In fact, this November's sales numbers indicate the most sold homes, 324, in a November since 2005, the strongest year of the decade for local real estate. Additionally, November's sales represent a whopping 22.3% increase over November of 2008, the largest yearly percentage jump in home sales when comparing any two months over the last five years. The impressive numbers also show the first residential unit increase from November to November since 2003 - 2004. Dollar volume of residential sales also beat last year's total for November, rising 15.5% or $5.1 million in value.
"From an Association standpoint which represents over 700 REALTORS®, the general mood today is that the market is improving, and the numbers continue to bear out that confidence level", said Frank Mortl, III, Chief Executive Officer of GKAR. "Our members are active out in the trenches, holding open houses and getting offers accepted. They are out there with clients. I don't know one REALTOR® leader within our industry that doesn't have at least five buyers they're working with. That's tremendous. That means they are out there and are busy."
"In this market, confidence levels among buyers and sellers are critical to the homebuying process", Mortl went on to say. "For the greater Kalamazoo area, we are seeing two segments of the purchasing pool come out. We're seeing first-time homebuyers coming out of the woodwork who never thought they would get into the purchasing market. Additionally, we are seeing investors and trade-up buyers get back into the game. Though it's obviously difficult to sell and do a leg up (buy another home using equity from the sale), many people are deciding on a short sale or are willing to take a slight hit with regards to home values. It depends on what your motivations are. If you need a bigger house, you need a bigger house. Local REALTORS® are terrific at helping sellers identify what their goals should be. As evidenced by strong sales months where we typically see a seasonal decline in units sold, many homesellers realize they may lose a little bit of equity, but they can finally get the house they've always wanted because prices are so affordable right now."
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.