Is the real estate market in Grand Rapids slowing down? Today, we’ll take a look at the housing numbers from September 2016 to see where things are at.
The housing market in Grand Rapids continues to tell the same story: Decreasing housing inventory (not enough homes for sale) & homes selling faster for more money.
Decreasing inventory: September saw housing inventory at 1.9 months, compared to 2.6 months in September of last year and 3.6 months in September of 2014.
Quick refresher on what “housing inventory is”: It’s one of the simplest indicators of a “hot market” or a “seller’s market” is the level of housing inventory. Inventory levels are stated in “months of supply”, which tell us the number of months it would take to deplete the current supply of homes for sale if no new inventory was added (click for more).
A depleting supply of housing inventory generally pushes prices up and days-on-market down, and that’s exactly what we’re seeing in Grand Rapids.
Increasing prices: The average home sold this past September is up 8% ($193k) from September last year ($179k).
Faster selling: The average home sold this past September was on the market 28 days before selling, compared to 38 days for homes sold in September last year.
As you can see, the market is not slowing down as we move into Fall and Winter seasons. Clearly it’s still a great time to be selling your home.
We’ll be back next month to see how the market plays in October!