Market Update 2023 Q2

The number of homes sold in June is way down from last year, but prices are up...again.


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%