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The Grand Rapids Association of Realtors (GRAR), which administers the local West Michigan MLS, recently released the 2015 home sales year end statics. The numbers confirm that 2015 was a year for the record books for West Michigan homes sales.
Number of New Listings Submitted to the Grand Rapids MLS
Year-end numbers for 2015 show that 15,872 homes were listed for sale by real estate agents though the Grand Rapids MLS. This number is slightly higher than 2014 year end of 15,126 however it is significantly down from home listings 1997-2011, which topped out at 34,262 homes listed, equaling nearly half the housing inventory of previous years.
Average Number of Current Listings for Grand Rapids MLS
2015 set a new record for Average Number of Current Listings on the Grand Rapids MLS. Down from 2014, which was 2,995, 2015 had only 2,636 homes listed for sale on average. This new record low of average listings confirms that the home inventory is very low. Based on monthly sales volumes, this is only 2.5 months of housing inventory for sale. This also sets another record low for available homes for sale in West Michigan.
Number of Homes Sold in Grand Rapids in 2015
13,114 homes were sold and reported to the Grand Rapids MLS. The number of homes sold is up from the 2014 number of 12,467 representing a 5.19% year-over-year increase in sold homes. This number may be partially restricted due to the record low inventory of homes for sale. 2015 numbers are approaching the current record of 13,593 homes sold back in 2004.
Grand Rapids Average Home Sales Price for 2015
Price is determined by the economics of supply and demand. With the demand for homes remaining strong, the lower supply of homes has driven up the average home sales price to a record high of $175,562. This new all-time record shows Grand Rapids home values are at the highest point in history. While not all areas have recovered from the housing collapse in 2007-2008, Grand Rapids has catapulted past the 2006 record of $163,924 for average home sales prices. This increase represents a 7.6% increase in home sales prices from 2014 and a 63.2% increase from the lows of 2009.
2015 Grand Rapids Housing Summary
Based on all charts and statistics provided from the Grand Rapids Association of Realtors, now is a great time to sell a home in West Michigan. The economic climate is that of a sellers market which means that sellers will not be required to submit to the demands of picky home buyers. As we enter into 2016 experts predict mortgage rates will hold steady and provide another potentially record year in real estate.
Reasons to sell a home in Grand Rapids:
- Low supply of homes for sales means less competition.
- Highest homes sales prices in history means extra profits.
- Low home inventory means your home will sell quickly.
To request a recommended realtor to list your home for sale or to get pre-approved for your next purchase call Riverbank today at 1-800-555-2098 or request information below.
Grand Rapids homes sales charts and data provided from the Grand Rapids Association of Realtors (GRAR)