Real Estate Update – January 2018
It’s already been an extraordinarily busy year for the Greater Kalamazoo real estate market, especially for a January - according to the Greater Kalamazoo Association of REALTORS® (GKAR). In fact, it was the most active January on record dating back to and including 2005. The high level of activity and the increased home prices over the past year makes for a BIG start to 2018!
Over the past five years (2013 to 2017), January has averaged 248 closed transactions. This January, the region has surpassed that number with 291 closed transactions – making this year the most active January in years! While the consistency of the $100,000 to $150,000 range is impressive, every price range above that – except $1,000,000 plus – has consistently reported an increase in their number. In fact, the mean/average sales price in the Greater Kalamazoo real estate market increased by 7.75 percent from 2016 to 2017.
Here's a look at the overall market, courtesy of the Greater Kalamazoo Association of REALTORS®!
Greater Kalamazoo Area:
Homes Sold: 291
Average Sale Price: $183,925
Median Sale Price: $159,650
Average Days on the Market: 48
With a record level of activity and an increase in both the mean and median price, it appears that the local market is strong and will continue to grow into 2018!
As both residents and REALTORS® of the area, we know this is important information for both homeowners and buyers. Give Team Clancy a call for a detailed look at just how the Richland/Gull Lake area fared in January 2018.
While the common thought is to wait until spring to sell, it doesn’t appear like that matters much this year. So, should you wait until spring? We don’t think so! In fact, we think you should sell while the market is hot! You don’t want to miss the opportunity to sell your home while the inventory is low and home prices and market activity are high.
Team Clancy can help you prepare your home for the market and take it to SOLD! Contact our team anytime – we are always here for our local community.