Three Astounding Trends…January Stats for GR Housing
Since I am in the trenches everyday helping real estate buyers and sellers – I am experiencing three trends which really show up in these reports for the Grand Rapids Housing Market:
1. Inventory is Down
Yes, I know you’ve seen them – actual SOLD signs on homes as you are driving around. Buyers are beginning to experience disappointment when they attempt to schedule showings for 10 homes and only have 3-5 available because the others have sold. The January Stats show in 2012, 1147 new listings came on the market while in 2013, only 1121 appeared – which is a decrease of 2.3%. The average days on market for a residential home is 115 and there are currently 3.4 months of inventory available.
2. Closed January sales are UP
In January of 2012, 549 homes were closed while in January of 2013, 661 units were sold – a 20.4% increase in closed sales for the month compared to last year. The builders are beginning to build again – vacant lot sales were up 15.2% for the same time period. As an agent in the field, I can tell you February will probably be record breaking as well – If a home shows great and is priced right – it will sell!!!
3. Prices are rising
We have to realize we are coming off the bottom as far as price – so rising prices are wonderful but have not recovered to the 2005-07 levels. The January stats show the average sale price went from $114,236 to $137,083, a 20% increase. Where are you in the pricing scenario? Give us a call and we are happy to do a market study to determine the price of your home in today’s market.