Market Update City of Grand Rapids 5/16
The Grand Rapids housing market is hotter than ever this spring with a 15% increase in both list prices and sold prices since this time last year! Sellers are getting the message and inventory has increased steadily since December, more than doubling in the past 6 months. Buyers continue to keep pace, however and on average, sold prices remain within 2 or 3 percentage points of the average list price.
The net result of these two forces has kept the level of inventory nearly flat for the past year, hovering between 1 and 2 months. It will be interesting to watch how the market progresses this year. Will we see inventory spike, as in last May? Or will it continue to remain relatively flat? What about prices, will they continue to climb or begin to level off?
With prices on the rise, concerns are high that we may be seeing a price “bubble” in Grand Rapids while others believe this is simply a long overdue market correction. Only time will tell us for sure.
Red: Active Listings, Black: Sold Listings, Gold: New Listings SOLD DATE FROM 5/22/15/-5/22/16