Here’s what you need to know about the state of our local housing market.

Today, I'm thrilled to bring you an exciting fall market update, offering valuable insights for both buyers and sellers in the greater Kalamazoo market. As we head into winter, this is what you need to know before making a move.

Currently, we find ourselves with approximately 1.5 to 1.6 months of inventory. In other words, if all homes were to sell without any new listings, it would take about 1.5 months for all buyers to purchase available homes. A more balanced market typically hovers around 3 to 4 months of inventory, which means that we are currently in a strong seller’s market.

“Multiple offers are still somewhat common.”

Next, let's examine the list-to-sold-price ratio in Kalamazoo County. Presently, homes are selling at around 98.9% of the list price, showcasing that sellers are virtually receiving all of their asking prices. While multiple offers are still common, we're witnessing a slight market shift, with some homes staying on the market a bit longer and prices adjusting from the initial asking price.

Meanwhile, the median time on the market is just nine days in Kalamazoo County, an astonishingly short period. A decade ago, it would take three to four months to sell a house, so homes are still selling fast. The average sale price hovers around $290,000, just under the $300,000 mark, while the median sale price is approximately $255,000. This indicates that half of the homes sold are under $255,000, and the other half are above this figure.

The bottom line is that we are still in a strong seller’s market, where homes are selling quickly and for high prices. If you're curious about what this means for you and your family, please don't hesitate to call me at 269-350-5514 or send me an email at sold@veenstrateam.com.