Grand Rapids housing inventory at historic low

Posted on June 6, 2020grarteam

GRAND RAPIDS, Mich. (WZZM) — Never has there been a smaller supply of available homes to buy around Grand Rapids.

The Grand Rapids Association of Realtors measures housing inventory by months. GRAR Executive Director Julie Rietberg says when that inventory is under four months, “you go from single-digit appreciation, to double-digit.” In June, that inventory stood at 2.3 months. “We are at an extreme end of the market,” Rietberg said. In other words, it is a seller’s market.

Home inspector Daryl Bolhuis has noticed that. “Most of the clients and sales I’m dealing with are the result of multiple offers, and they’re offering more than sales price,” he said Monday after finishing an inspection on Henry SE in Grand Rapids.

Realtor Cheryl Grant says the market “is absolutely out of control. I have so many sellers who say to me, ‘Cheryl is now the time to list?’ and I say actually that started about 18 months ago – but now is good.”

The average price for a home sale around Grand Rapids was $176,020 for the first six months of this – that’s up 9.6 percent from the same period last year.

Nationwide, the average home sales price was $236,400, a 6.5 percent increase from a year ago and above the peak price set in July 2006.

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