SLOWDOWN?
WHAT SLOWDOWN?
We held our collective breath at the end of 2022, thinking that the market madness would end as mortgage interest rates increased, but the market is already rebounding.
After the Median Sale Price began to drop, prices are up again this year.
Why?
Same as before: too many buyers for too few listings.
In a “typical” year, we would see 1,000+ homes come on the market in Kalamazoo County in the first quarter; this year it was just 705, a 16% drop from last year.
What Did that do to Prices?
The Median Sale Price in Kalamazoo County increased by 3.5% over last March. That’s not a headline grabber; in fact, it is $20,000 lower than the high from August last year.
It is, however, evidence that the market has accepted the new, higher interest rates that started last summer.
What Should You Do?
If you’re in the market to buy, set some realistic expectations and use an experienced Realtor to assist you.
If you’re planning on selling your home, get it on the market when it’s right for you; don’t try to time the market. Anything can happen, and it usually does.
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.
| Residential Statistics | Q1 2022 | Q1 2023 | Change |
| New Listings | 836 | 705 | -15.67% |
| Pending Sales | 768 | 612 | -20.31% |
| Closed Sales | 693 | 527 | -23.95% |
| Days on Market Until Sale | 5 | 7 | 40.00% |
| Median Sales Price | $232,000 | $240,000 | 3.45% |
| Average Sales Price | $271,190 | $272,474 | 0.47% |
| End of Quarter Inventory | 195 | 238 | 22.05% |
Median Sale Price last Twelve Months
