Back in September CoreLogic posted a report telling of a decline in Shadow Inventory (distress properties that are in danger of being, or in the process of being foreclosed). They went on to explain that this is keeping home prices down. Don't tell anyone but it doesn't seem to be holding the prices down in West Michigan.
The total number of sales in Muskegon County during the first nine months of 2010 was 1447 with a slight decline to 1432 sales in the same period in 2011
The average sale price in Muskegon County in the first nine months of 2010 was $80,799. with an average of 89 Days On Market.
The average sale price in Muskegon County in the first 9 months of 2011 was $83,522. with an average of 93 Days On Market. This is more than a 3% gain.
The good news is that prices are continuing to climb. The average sale price from Sept. 1/2011 to Oct. 12/2011 is $93,441. which is a $15,000. gain over last year at the same time.
With interest rates at an all time low, inventory of homes for sale is not what it used to be and soon we will hear two words we have not heard in a long time, "Seller's Market."
Here is a link to see the average homes on the market in Muskegon County. http://preview.tinyurl.com/ I realize not everyone needs the average home. Give me a call or a text and I would be happy to set up a search for that home that truly fits your needs.