LANSING—Sen. John Proos met with area realtors on Friday to discuss the status of the real estate industry in Southwest Michigan.
Proos took part in a legislative panel during the meeting, which was hosted by the Southwestern Michigan Association of Realtors at Lake Michigan College’s Mendel Center.
“Home sales and property values are important to our families, schools and communities; and they are key indicators of the state of the local economy,” said Proos, R-St. Joseph. “That is why I am pleased and encouraged by the news that the Southwest Michigan real estate market is recovering — with improved home sales and prices.
“It is good news for the entire region that the number of Southwest Michigan homes sold in 2012 increased by 24 percent from 2011 and average and median sale prices also were up.”
According to the Southwestern Michigan Association of Realtors, total residential closed sales increased 24 percent from 2,361 units sold in 2011 to 2,916 homes in 2012. During that time, average sale prices increased 4 percent and median prices went up 5 percent.
“These are all important signs that the economy is picking up and higher property values mean more resources for our school and local communities.” Proos said. “The figures for last year are excellent, but just as important is that the growth seems to be continuing in 2013. Home sales in February of this year increased 5 percent over the same month in 2012.”
Source: News release from state Senator John Proos