DIFFERENT NUMBERS, SAME STORY.
Pending sales in June dropped by over 18% compared with the second quarter of 2022, but so did the number of new listings.
The result? Another 9.6% increase in the median sale price in Kalamazoo County from a year ago.
Is it a Bubble?
I hear people call this a real estate bubble, citing some concerning news about foreclosures.
The national rate of foreclosures increased by nearly 14% from last year.
Before you freak out, know that most experts believe that this is due to the expiration of COVID-era policies that delayed foreclosures.
Keep in mind that the foreclosure rate in the first half of 2008 was seven times what it has been so far this year.
More Good News
Consumer debt is up but so is income, so total monthly debt payments are still below pre-pandemic levels.
Inflation is starting to ease, people are getting back to work, and the stock market is creeping back up.
I won’t claim to know the future, but the present is bright.
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 | Q2 2022 | Q2 2023 | Change |
| New Listings | 1319 | 1073 | -18.65% |
| Pending Sales | 1054 | 860 | -18.41% |
| Closed Sales | 969 | 754 | -22.19% |
| Days on Market Until Sale | 12 | 12 | 0.00% |
| Median Sales Price | $255,500 | $279,990 | 9.59% |
| Average Sales Price | $295,437 | $309,568 | 4.78% |
| End of Quarter Inventory | 342 | 340 | -0.58% |