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% |