The single family home market within the Hudsonville MI school district has been very active in the months between January 1 and June 30, 2013. Buyers were plentiful and trying to take advantage of low interest rates while realizing that prices were beginning to rise. Many buyers were initially sellers who recognized that the time to make a move up was now and put their properties on the market.
A look at the numbers reveals that YTD at the end of June the average sale price for a single family home was $203,000. This represents a 14.7% increase in average sale price over the average sale price of $177,000 in June of 2012. The average listing price YTD is $245,000.
The amount of inventory has remained a chronic issue for buyers who are looking for properties. From a low of 2.1 months of inventory supply in May we have increased slightly to 3.1 in June. This may be an indication of rising prices and interest rates beginning to impact buyer demand.
Of significance as well is the fact that sale prices continued to be in the 97-99% of list prices which bodes well for sellers who prepare their properties for sale and price appropriately. It is always time and money well spent to properly prepare your home for sale in order to obtain the best possible price.
Building permits are also being issued at a brisk rate in this market with new construction being in high demand from buyers in all price ranges. This trend is also driving up the average sale price within the area.
Remember that every market is highly localized. If you are interested in buying or selling a Hudsonville home please give me a call. I have been selling West Michigan and Hudsonville homes for over 25 years.