So what happened in Kalamazoo's real estate market in 2006? It was a very interesting year (if you're a REALTOR). Let's look at 5 key indicators:
Number of houses SOLD: 4700 homes were sold in 2006, this is 5% less than in 2005. Our 10 year average is 4500 homes sales.
Ave sale price: The median sale price went from $150,000 in 2005 to $145,000 in 2006. This was the only year in the past 10 where average properties values have not increased. The current average sale price is on par with those in 2004.
Homes for sale: On Jan 1, 2007 there were 4900 houses for sale, up from 3500 in Jan of 2006 and 3300 in January of 05. This represents a 48% increase in just 2 years!
Time on the market: The average time it took to sell a house in 2006 was 121 days, up from 75 days in 2005 and 60 days in 2004. The 5 year average is 72 days.
Interest rates: Mortgage rates on a 30 year conventional loan are currently 6.25%. The 10 year average is 6.50%.
Please, please, please do not use these averages and generalizations to assume anything about your house, your neighborhood or a specific school system. Some of our neighborhoods actually experienced an increase in both the number of sales and in market value. Homes in some price ranges actually experienced shortened market times. There was also a wide variation in key indicators from one school system to another.
Please call us (the Veenstra team) if you are considering selling a house. It is crucial that we consider the specific market conditions that are impacting your house, neighborhood and school system.
Kalamazoo Schools and the Kalamazoo Promise: It is very interesting to compare the market trends in the Kalamazoo School System (Kalamazoo Promise) with our over-all market. David Veenstra has made a presentation to the Westwood Neighbrhood association and has done considerable research in this area. The market statistics do show that the Kalamazoo Promise has positively impacted the real estate market as well as the educational opportunities for the children in Kalamazoo Schools. The Veenstra Team is happy to present and discuss the results with individuals and groups.
Perhaps the most important thing to learn from all of these statistics is that it is a great time to buy a house! Interest rates are great, there's a broad selection of houses to choose from and there are some super buys. Give us a call. Contact us at 269-488-0214 or SOLD@VeenstraTeam.com
David Veenstra is the Team Leader for the Veenstra Team with the Prudential Preferred REALTORS. He has been helping people buy and sell homes in Kalamazoo, MI since 1988 and this year will reach the 1000 buyers/sellers served mark.
David is a student of the Kalamazoo housing market, as well as Kalamazoo history and provides a regular neighborhood newsletter to over 5000 homes on the west side of Kalamazoo as well as to a mailing list of over 2000 families. David has provides extensive Kalamazoo neighborhood information on his website http://www.kzooneighbor.com He also provides free classifieds on this site!
The Veenstra Team knows that an educated buyer or seller has the most control. They offer a free home buyer email course which buyers can subscribe to by sending a blank email with the subject line “Subscribe” to HomeBuyerCourse@VeenstraTeam.com. The Veenstra Team is working on a Home Seller course as well.
The Veenstra Team can be contacted at 269-499-0214 or 800-776-0025 Ext 10214 or by visiting http://www.VeenstraTeam.com
Source: www.a1articles.com
