Check out our June Newsletter!
Greetings! Summer is almost here and West Michigan's real estate market is showing no sign of slowing down. Here is a snap-shot on activity year-to-date:
- Buyers continue to scramble to find a home to purchase, often facing multiple-offer scenarios on well-priced homes in good condition.
- For homes $450K and above, inventory is not so thin with a 4-6 month back-log, requiring sellers to be strategic and priced aggressively upon entering the market.
- Short sales and foreclosures are just 3.2% of the market by units sold or pending.
- Closed sales are running 15.5% ahead of last year (wow!), while current listings are down 1.5% compared to 2015.
- Sales prices are up 11.8% so far in 2016 to an average of $187,018 - continuing the trend for another solid year.
- With the onset of good weather, inventory levels have risen slightly. However, contracts are being written faster than new listings, keeping the 1.6 month inventory supply at an all-time record low.
Planning to sell? Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.