How Will the West Michigan Real Estate Market Shape up in 2015?
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Hey everyone, today we have another market update for you that includes the latest real estate statistics from Grand Rapids. Spring is just around the corner, but the spring real estate market has already begun in earnest. We have more homes under contract right now than we have ever had at this point in the market.
As we head into the summer, the absorption rate will lower, and so will inventory. This is a sign of homes selling faster and the fact that there are more buyers out there looking for homes.
Next, let’s take a look at the average sale price of homes in Grand Rapids. At the end of February 2015, the figure was $139,000, up 4% from last year. The average sale price of homes right now is lower than it will be in a few months, when the market really starts to heat up for sellers.
Another important statistic is days on market, or how long a home sits on the market before it sells. Last year at this time, our market average was 102 days. Right now, the number of days is even lower, at 86 days, and our team’s numbers are even lower.
I hope you’ve enjoyed this market update, and that it gives you a good glimpse of what’s going on in our market. If you’d like to dig deeper into these numbers or want to know what your home could possibly sell for, give us a call or send us an email, we’d be glad to help out.