Since 2003 the Muskegon Market has seen a reduction in sale volume of 14.42 percent. And a average price and the average sale price now is $91,143 from the same time period in 2003 it was $106,351 with is a 14.3 % reduction in the average sale price. Prices in Many case are off more than what is shown here.
With existing home inventory at record levels,about 3200 this month prices will probably continue to decline over the next couple years - perhaps another 20% in real terms . The number of homes in the foreclosure process in Muskegon county today is at a all time record most of these homes will not hit market for 7 month after the foreclosure sale so this means that we have a lot homes waiting to go on the market. It appears foreclosure and bank sales are almost 50 % of the market so banksales are dominating the market and owner seller have no choice but to price there home so the compete with the banks homes since 50 % of the sale are now bank owned.
So the two key points from these past sales report and the Pending Home sales report are that prices are probably falling quickly, especially in the low end areas, and that sales are being propped up as REO sales start to dominate that existing home market. Neither point is good news for housing.
As I see it Muskegon has many bright spots with our quality of life our low cost of living our new Down town www.visitmuskegon.org and www.muskegon.org and our great health care system. What we need to add 500 good paying jobs to our economy so pray for expansion and innovation and new companies.
2008 January 1 /2008 till June 23/2008 sales and price Info for Muskegon County from Southwest Michigan Regional information system www.swmric.com
| Active: 0 | Pending: 0 | Sold: 825 | Other: 0 | Total: 825 |
| Bedrooms | Bathrooms | Square Feet | List Price | Selling Price | Days on Market | |
| Minimum | 0 | 0.00 | 1 | $2,500 | $2,500 | 0 |
| Average | 3 | 1.76 | 1,375 | $95,548 | $91,143 | 93 |
| Median | 3 | 2.00 | 1,263 | $77,500 | $75,000 | 64 |
| Maximum | 6 | 6.00 | 5,170 | $990,000 | $990,000 | 914 |
| Total Dollar Value | $75,192,905 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: | ||||||
| 0-30 Days | 31-60 Days | 61-90 Days | 91-120 Days | 120+ Days | |
| No. of Listings | 243 | 152 | 113 | 80 | 237 |
| Breakdown % | 29.45 | 18.42 | 13.70 | 9.70 | 28.73 |
| Avg % SP/LP | 97.61 | 95.46 | 94.32 | 95.81 | 93.77 |
2003 Janruary 1 /2003 till June 23/2003 sales and price Info for Muskegon County from Southwest Michigan Reginal information system
| Active: 0 | Pending: 0 | Sold: 964 | Other: 0 | Total: 964 |
| Bedrooms | Bathrooms | Square Feet | List Price | Selling Price | Days on Market | |
| Minimum | 0 | 0.00 | 1 | $63 | $5,000 | 0 |
| Average | 3 | 1.73 | 1,328 | $108,956 | $106,351 | 79 |
| Median | 3 | 2.00 | 1,219 | $91,200 | $91,250 | 50 |
| Maximum | 9 | 6.00 | 4,888 | $1,300,000 | $1,300,001 | 674 |
| Total Dollar Value | $102,522,206 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: | ||||||
| 0-30 Days | 31-60 Days | 61-90 Days | 91-120 Days | 120+ Days | |
| No. of Listings | 344 | 190 | 112 | 100 | 218 |
| Breakdown % | 35.68 | 19.71 | 11.62 | 10.37 | 22.61 |
| Avg % SP/LP | 98.75 | 97.85 | 97.51 | 96.77 | 96.62 |
So the two key points from the Pending Home sales report are that prices are probably falling quickly, especially in the low end areas, and that sales are being propped up as REO sales start to dominate that existing home market. Neither point is good news for housing
Comments(0)