A quick look at the data shows that Grand Rapids enjoyed a little bump in inventory this spring with more new listings in May 2015 than at any time in the past two years. However, the popularity of our fair city is growing and demand has kept pace with supply, resulting in a robust market with a fast turn around.
The average sold price in the Spring for the Grand Rapids metropolis was the highest it has been since May ’14, when it was hovering around $142,000. However, the entire West Michigan area continues to appreciate and the Grand Rapids Association of REALTORS reported that in June, 2014 the area average home price topped $170,000.
Listing inventory on the other hand has been going in the opposite direction. Inventory has remained below 3 months for most of the summer, a most unusual situation and one which has been sustained for much of the past 24 months. Homes which are on the market are often snapped up before broadcast or within a few days.