We came across this USA Today article that shows the national trend is pretty similar to what we at CherylGrant.com are experiencing in the local Grand Rapids real estate market.
According to Julie Schmidt, USA TODAY:
Multiple offers and bidding wars have returned to some housing markets amid shrinking supplies of homes for sale.
The dwindling inventories — driven by a mix of reluctant sellers, fewer foreclosure resales and rising demand — are spreading as the housing market gains strength.
The number of homes for sale in April hit a 6.6-month supply, down from 9.1 months a year ago, the National Association of Realtors says. A six-month supply is considered a healthy market.
Some markets have fallen below that. Last month, nine of 18 leading markets tracked by real estate brokerage Redfin had less than a three-month supply. That means it would have taken three months to sell all of the listed homes at April’s sales pace. (Read more of the national story at http://www.cnbc.com/id/47570044/)