Market Update 2021 Q1

Our quarterly residential market update shows that the Kalamazoo market is as hot as the national market is, despite the low sales volume. Is it the right time to sell? Well, that depends...

How Hot is it?

Everyone is calling it a hot market, but home sales are down 14% over Q1 of last year. What gives?

Lack of inventory, that’s what.

At the end of the first quarter this year there were 198 homes for sale in Kalamazoo County

Last year it was 562.

On any given day, there are more homes that sell than there are new homes listed.

Market Factors

So, while volume is below normal, there are two factors increasing demand and two factors limiting supply:

  • Millennials are finally buying homes
  • Baby Boomers are aging in place
  • Interest rates are ridiculously low
  • New construction costs are ridiculously high

What Did that do to Prices?

The Median home price in Kalamazoo County increased by 13.6%. That’s in a market where home prices typically increase by 3-5% a year.

What Should You Do?

My mentor always told me that you can’t time the market; a home is a lifetime investment, not a commodity to trade.

The time to buy or sell a home is when it is right for you.

Kalamazoo County Data

There’s more information below, but feel free to contact us for a market analysis on your home. We take into account your specific market to help you list your home for the right price.

Single Family Statistics

Q1 2020 Q1 2021 Change
New Listings 913 671 – 26.5%
Pending Sales 780 695 – 10.9%
Closed Sales 676 581 – 14.1%
Days on Market Until Sale 41 23 – 43.9%
Median Sales Price $168,950 $192,000 + 13.6%
Average Sales Price $196,049 $242,206 + 23.5%
End of Quarter Inventory 460 142 – 69.1%

Condominium Statistics

Q1 2020 Q1 2021 Change
New Listings 90 101 + 12.2%
Pending Sales 58 83 + 43.1%
Closed Sales 54 61 + 13.0%
Days on Market Until Sale 56 42 – 25.0%
Median Sales Price $229,950 $204,000 – 11.3%
Average Sales Price $241,006 $222,650 – 7.6%
End of Quarter Inventory 102 56 – 42.4%

The Number of Listings is Down

The Number of Home Sales are Steady

The Median Sales Price is Up

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