The Grand Rapids Real Estate Board’s April report on March 2012 statistics for local home sales is no surprise. At 1,405 new listings in March, inventory is down 18.6% over March 2011. Likewise, sales are up 15.8% year-to-date. The number of “months worth of inventory” — the real estate metric used to define the market based on pending sales – is 3.9 months, meaning it is a seller’s market.
“The lack of inventory is driving up the home prices – which is a good thing for homeowners – but the lack of inventory is frustrating many Buyers,” Cheryl explained. While home sales are up it’s important to note that average sales price is also up a little more than 4% from a year ago, she added. And homes are staying on the market fewer days than a year ago. This means two things for Buyers and Sellers.
For Buyers wanting the most value for their dollar, the market appears to be rebounding and on the cusp of rising prices. However, with interest rates still historically low, it remains a good time to buy, even if it means harder work to find the right home. For Sellers, the increase in pricing and decreased days on market are favorable to listing your home.
As both an accredited Buyer’s representative and a deeply experienced listing agent with an exceptional marketing plan and proven track record, Cheryl Grant can keep you ahead of the curve if you’re selling or buying a home in Grand Rapids. Contact us today to plan your strategy!
Download the full report: GRAR_March_2012