Grand Rapids Real Estate Market Trends from May
May Market Report
In April, single family homes sales in the Grand rapids area were strong due to buyers rushing to capitalize on the $8000 Tax Credit deadline. The number of homes sales in April was up almost 16% from March with a total of 1428 homes sold. And by the way, sales were up nearly 40% from this time last year. April marked the 6th month in a row of declining inventory.
Year to date home sales are up nearly 27% over the same period last year with 4551 homes sold. The average price of a Grand Rapids home rose over last year, to $123,172. Short Sales and Foreclosures have fallen to their lowest level since August 2009 at 41% of sales. That is still quite a high percentage. Home sales are not expected to drop to drastically even though the tax credit has expired as we are entering the spring market, typically a busy time in Grand Rapids home sales.
One astonishing little number is that last year at this time, only 18 homes over $500,000 had been sold. So far this year, 33 homes over $500,000 have sold, nearly double the amount.
For more information about the Grand rapids real estate market, feel free to call or email me any time. If you are in the market to purchase a Grand Rapids’ home or condo, use this website to Search for Homes and help you find what you are looking for. If you have a home to sell, learn about our proactive marketing which gets homes sold in this market.
Phone: 616-570-1871
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[...] Rapids market has taken a big hit like most places in the nation, and even though we are seeing some positive signs, many experts are forecasting more drops in price by the end of this year. So waiting to sell your [...]