Kalamazoo, Southwest Michigan Show Resurgence in Housing Market

New Home
10/8/2013

Home sales in Michigan showed an increase of 6.2 percent in July over the same month in 2012, well below the national real estate increase of 17.2 percent for the same time period.

In Kalamazoo and Southwest Michigan, however, home sales are doing much better. The Greater Kalamazoo region showed a 28.3 percent increase in sales in July over the same month last year, while the rest of Southwest Michigan showed an 18.8 percent increase.

Prices are also going up in the region, averaging in Greater Kalamazoo $163,342, a 6.47 percent increase over the average home sales price in July 2012 of $153,413. In the rest of Southwest Michigan, excluding Greater Kalamazoo, home sale prices shot up in July to 29.9 percent of sale prices compared to July 2012, with the average price for the month reaching $198,688.

In year-to-date figures, home sales in Greater Kalamazoo have gone up 22 percent in the first seven months of 2013 compared to the same time period last year, and the average price in 2013 rose to $147,570, a 7.63 percent increase over the first seven months of 2012.

For the same time period, Southwest Michigan sales rose 4.9 percent, and the average price rose 11.5 percent to $179,231.

The figures show good news for the region’s housing market as the area continues to recover from the housing downturn and credit crisis that led to the 2007-2009 recession. The higher prices and stronger market is convincing more homeowners who’ve been waiting to sell their homers that the time is now to put up their homes for sales.

Though home buyers will face higher prices, a more robust market means buyers will have more choices for homes than they’ve had for a long time. Sale prices are still well below what they were at the height of the housing bubble just before the burst.

With a reinvigorated housing market in Kalamazoo and Southwest Michigan, maybe it’s time you took a look at the possibilities available.

Tags: home sales, kalamazoo, real estate, southwest michigan