Market Update Kentwood 5/16
The big story in Kentwood is inventory! As a snapshot of the current West Michigan inventory situation, Kentwood can be seen as the poster child with less than two months of inventory for the past year, and 19 of the past 24 months. In fact, Kentwood’s popularity is only increasing as the average number of days on the market has been just over a month for the past year. At one very low point, inventory levels actually dipped below 1 months supply in the entire city! Amazing!!
Word was bound to get out and home sellers in Kentwood have definitely received the memo that inventory is low. After a long decline in new listings this past fall and winter, the number of new homes for sale this spring has climbed back up to a level not seen since March 2015. A happy dance is in order if you’ve been seriously wanting to purchase a home in Kentwood.
However, it’s prudent to note that buying a home will be a tad more expensive this year. Demand is expected to continue keeping pace with supply over the summer and into early fall and that demand may be driving up prices. Last year’s average sold prices hovered in the $120s to the $140s, while this year’s averages are in the $130s to the $160s.
Red: Active Listings, Black: Sold Listings, Gold: New Listings SOLD DATE FROM 5/22/15/-5/22/16