Market Update Kentwood 6/15
Kentwood is definitely a sellers market these days, with very low inventory and average sold prices holding very close to initial list prices. Although inventory has risen faster this spring then the previous two years, homes are selling incredibly fast.
As we study the numbers for May 2015, the 80 homes that sold last month spent an average of only 38 days on the market! While that’s somewhat astonishing, it’s important to note that Kentwood has had less than 2 months of inventory for 17 of the past 24 months! The number of new listings typically starts to decline towards the end of summer so we’ll be watching this area closely to see if that trend continues. Average Sale Prices for the past two months has been approximately $150,000 although some neighborhoods are retailing significantly above this bench mark.