There are some really interesting (and refreshing!) statistics showing up in Southwest Michigan real estate sales data:
- For starters, January's closed residential business: 191 units vs. 136 a year ago. That's a 40% increase. Granted, January 2011 wasn't very good, but 2012's January total is the best January since 2007, which weighed in with 217 closed residential units.
- January pending sales (written agreements, not yet closed) rose to 311, up 35% from January 2011.
- Inventories of homes for sale as of the end of January 2012 fell 12% from the preceding January. We now have an inventory of approximately 6 1/2 months, based on the past 12 months of sales. That is down from 11 1/2 months at the beginning of 2009--a huge improvement!
- In my own experience over the past few months, I have participated in negotiations on homes for sale where multiple offers were being considered by home sellers in over half the cases. We haven't seen that in a very long time.
These are all very welcome happenings after 4 years of declining sales and home values!
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