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Grand Rapids Housing Market Trends
Recently the Grand Rapids Association of Realtors released their data for 2015 GRAR Home Sales Report and Update. This is one way to look into the future if you know what has happened in the past. If you don't know the numbers for Grand Rapids homes for sales, sold, inventory and months of supply then it makes it very difficult to understand what could happen in the future. You may be asking yourself could the real estate bubble burst in have been predictable? We'll take a look back at 2005-2006, when I think the bubble started to burst in Grand Rapids and West Michigan.
Ok lets start by looking at the statistics for 2015. The Average Days on the Market for residential sales were 105 days. Total units sold were up up 5.3% over 2014. Here is some really great news, the average home sale rose 8.9% over 2014. the average sales price in the Grand Rapids area is now $177,767. Remember that figure because I'll be referring back to the figure. The biggest segment of home sales happened in the $100,000 to $179,999. That segment of sales totaled 43.2% of the 2015 sales in Grand Rapids. For 2015 the Average Months of Inventory was 2.5 months. Again ... more
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