Home sales were brisk in East Grand Rapids this spring with a higher volume than at any other time in the past two years! Inventory remains low as well at only 1.5 months of market supply currently. What’s truly noteworthy is that inventory levels have not reached the 3 months supply mark in East Grand Rapids for over two years! Take a look at the 2014 trends report which revealed that last year, the average home was spending a mere 24 days of the market.
That’s not really a surprise when we realize that 36 homes were sold this past June but only 35 new listings came on the market to replace them. So, demand is definitely outpacing supply in East Grand Rapids, MI. Meanwhile, pricing remains competitive with average sold prices hovering close to average list prices and a wide spectrum of price points. In June, we saw an increase in time on the market, but since fewer homes were being listed, there was not much change in the market inventory situation. Homes that sold in June spent an average of 43 days on the market so potential sellers should list now if they are hoping to close by mid-fall.