The final numbers on home sales in the West Michigan real estate market and the Grand Rapids real estate market have been released, and they underscore what we've been saying for many weeks: right now is a great time to sell your home! The month of August saw a dramatic uptick in the number of listings in the West Michigan area, a full 11.9% increase, which is quite substantial.
Given that we've seen several months of decreasing home inventory in the area, to record lows in fact, this increase in listed homes would seem to imply that the market is cooling off. However, the opposite is in fact true. While 11.9% more homes were listed in August, there was a pending sales increase of 18.4%, which means that inventory in the area is still not keeping up with market demand. The average home sale price increased as well, from the July annual average of $176,020 to $177,648. That's a nearly 1% shift in less than a month.
What that means is that this continues to be an excellent time to sell your home. There is a lot of primary purchasers interested in buying for the first time or upgrading their current accomodations in the West Michigan area. There has also been a surge in purchasing multi-family dwelling units; the sales of multi-family buildings has increased a staggering 37.4% when compared with last year. Whether you own a home and a cabin, a single property, or a number of investment properties, right now is a great time to call Pyxis Realty and list one or more properties.
For starters, with the market so hot and the inventory in the area so low, sellers will receive the best offers, possibly multiple offers, on their properties. Instead of taking a loss or breaking even on a massive, upside-down mortgage, area property owners are finally seeing a positive return on their real estate investments, allowing them to move into new markets or neighborhoods as desired instead of feeling tied to the initial home they purchased.
If you are thinking about selling your home, cabin, or investment property, there's no better time than now to get in touch with the professional, experienced staff at Pyxis Realty and get the ball rolling. Our educated team will ensure you set an appropriate price for your property, low enough to interest buyers, but as high as is reasonable to ensure you make a good return on the sale. Additionally, our team will help aggressively market your properties, making sure they're seen by the right people looking for home and the right realtors as well. Especially if you have a property that is unique or has a higher-than -average price tag, our team is the team to help motivate potential buys and move that property for you! Don't wait until the rush has cooled off and prices dip back down, list your property as soon as possible and reap the benefits of the upsurge in local real estate with the backing of the team at Pyxis Realty today!