Looking for some West Michigan real estate market facts?
Here is a graph showing the number of single family home sales in Muskegon County from 2005 through 2009.
In 2005 we sold 2353 homes. 2006 was the high point when we sold 2626 homes.
2007 we were down to 2139 homes but in 2008 we sold only 1892 homes.
In 2009 we were climbing again when we sold 1974 homes.
Below is a graph showing the Average Sale Price of Single Family Homes in Muskegon County that sold through a Realtor from 2005 through 2009.
In 2005 the average sale price was $112,343. It slipped to $108,470. in 2006 and slipped even more in 2007 to $102,682. It plummeted almost $30,000. from the second quarter of 2008 through the first quarter of 2009 when hit a low of $63,784. and ended up 2009 with an average sale price of $82,086. This is mostly due to the flood of bank owned foreclosed properties flooding the market but also sellers realizing they have to price their home right to get it sold.
Waterfront and luxury homes were not as affected and actually have been quite strong.
I will post data on that in the near future.