Grand Rapids Real Estate Market Report | January 2017

By
Real Estate Agent with Five Star Real Estate

February 14, 2017 by  · Leave a Comment (Edit)

Here is a look at the Grand Rapids Real Estate Market for January 2017.

January 2017 continues to be a Sellers Market.

The following numbers will bear out this point. The number of for sale listings was down 11.9% from the previous month. The number of sold listings decreased 31.1% month over month. The number of under contract listings was up 27% compared to the previous month. The Months of Inventory based on Closed Sales is 2.

The Average Sold Price per Square Footage was the same as compared to the previous month. The Median Sold Price decreased by 2.5% from last month. The Average Sold Price also increased by 1.6% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Depreciating”.

The Average Days on Market showed an upward trend. The ratio of Sold Price vs. Original List Price is 96%.

Graph showing properties sold, current inventory and pending sales

So lets break down the above numbers.

Property Sales (Sold)

Typically it will take 30-45 days to go from an accepted purchase agreement to the close of the transaction. A number of these closed transactions were written in November 2016 and closed in January 2017. A number of January 2017 closing were written in December 2016. Both December and January are typically slower months in real estate for obvious reasons. That could be part of the reason that closed sales for January were down 31.1%.

Current Inventory (For Sale)

Homeowners are less likely to put their house on the market in the months of December and January. This will account for the 11.9% downturn in homes for sale.

Property Under Contract (Pended)

Who says houses don’t sell in December and January? There was a 27% increase in the number of properties that went under contract in January vs December.

The Average Days on Market (DOM).

The average days on the market (DOM) shows how many days the average property is on the market before it sells. The DOM for January 2017 was 41 up 20.6% from 34 days last month.

The Average Sold Price per Square Footage is Depreciating.graph shows the average price per sqft (sold)

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low-end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The January 2017 Average Sold Price per Square Footage of $73 was the same as last month.

 

My Commentary

If you’re thinking of selling but want to wait until spring. You can but look at the above numbers. The current number of For Sale properties is down. That means less competition for your property and could put more money in your pocket. If you were hurt in the recession and think you’re still underwater with your mortgage, think again! I’ll bet you have positive equity and didn’t even know it. Check out The Grand Rapids Real Estate Market Report | December 2016 and compare the numbers.

Wondering what your home might be worth?

Looking at buying a home in the Greater Grand Rapids Area? Not sure what area or price range?

  <<< CLICK HERE >>>TO SEE ALL THE HOMES BY ZIP CODE AND PRICE

 

Picture of 3 houses

 

 

Looking for a 2 bedroom home priced from $150K-$200K?

Looking for a 3 bedroom home priced from $150K-$200K?

Looking for a 4 bedroom home priced from $150K-$200K?

Looking for a 5 bedroom home priced from $150K-$200K?

Looking for a home with a pool from $150K-$200K?

Lastly, lets look at the Absorption Rate…Say What?

Grand Rapids Real Estate Market Report Absorption Rate

I Have Three Words To Finish The Grand Rapids Real Estate Market Report. Its a…

SELLERS MARKET! SELLERS MARKET! SELLERS MARKET!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Tags:
grand rapids mi homes for sale
grand rapids market trends

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to prepare and share this information.  Excellent!  It's most informative.

Feb 15, 2017 06:41 AM #1
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thanks for sharing.

Feb 15, 2017 05:07 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
16,400

Doug Hansen

Professional Realtor - Professional Results
Ask me a question
*
*
*
*
Spam prevention