Grand Rapids Real Estate Stats – Things are lookin’ UP
There are two trends that we are tracking here – which should be of interest to any buyers or sellers in the marketplace today. Both trends can be predictors of the marketplace
Trend # 1 Fewer Listings
The first trend is the light green graph, which shows the number of listings on the Grand Rapids Association of REALTORS site. We have fewer listings on the market today than in the past 12 months. What does that mean right now? For Buyers: Fewer choices. Since it is trending this way you can pretty much plan that the choices will even diminish more – so make your move when you find the right house or condo – don’t wait!! For Sellers: Better chances of selling since you have less competition on the marketplace.
What does it mean for the future if this trend continues throughout the summer? Simply that prices will begin to go up – it’s a simple supply and demand equation
Trend #2 Pending Sales are up
This trend is shown with the solid line and triangles – It’s the Pending Sale Numbers. This trend mirrors the consumer confidence that is showing up in the marketplace. A combination of historically low interest rates and unemployment numbers improving has given consumers a better feeling in the marketplace than we’ve seen in years. Our foreclosure numbers are decreasing and job growth is picking up – so it’s not just a Spring Market driving the Upward Trend of Pending Sales.