Grand Rapids Real Estate Market Report - July 2018

By
Real Estate Agent with Five Star Real Estate

Here’s a look at the Grand Rapids Real Estate Market for July 2018. According to a report released by the Grand Rapids Association of REALTORS® (GRAR), Grand Rapids continues to favor sellers in today’s real estate market. Currently, sellers are receiving 99% of their listing price.

A Look At The Housing Stats

scale showing a house and a dollar signJune property sales ended with a total of 1182homes sold. That is 2.3% increase over last month. The Average For Sale Price of Homes in the Grand Rapids Area for June was  $351,000. That is a decrease of 2.2% from last month. Here is something noteworthy, the Median Sold Price in June was $200,000, down 2.9% from $206,000 last month. Here is my snapshot of this section. There was a slight increase in the number of homes sold but there were decreases in the Average For Sale Price of Homes and The Median Sold Price

What Does This Mean?

At the end of June, the total number of homes available this month is 1628. The number of current inventory is up 17.7% compared to the previous month. There was a decrease of 3.8%in the pending properties in June, with 1251 properties versus 1301 last month. Here is my snapshot of this section. This does show more inventory coming on the Grand Rapids Real Estate Market and there are less pending sales. My thought is the market is slowing just a tad. Have no fear if you are thinking of selling this year, you are in luck it is still a Sellers Market in Grand Rapids.

What Does This Mean If You Are Buying A House In Grand Rapids?

Young couple holding house keys to their new homeAt the end of June, the Grand Rapids Real Estate Market saw an increase in Homes For Sale. The June Months Of Inventory Based on Closed Sales of 1.4months was up 16.7% compared to last month. This should give you an idea as to how months of inventory is calculated. For the market to be considered a neutral market there needs to be a 3-6 months supply of inventory or houses on the market. A seller’s market is less than 3 months of inventory and that’s what we’ve been in for the last couple of years. A buyers market is more than 6 months of inventory. To give you an idea what a true buyers market is like rewind your memory approximately 10 years, that’s right just like during the recession. We had up to 35 months of inventory.

If you are buying a home in such a hostile environment then you need someone that knows what they are doing. And not someone that has their picture on the side of a Zillow property. I’ve been selling real estate for 25+ years. That’s experience! Call or text me @ 616-485-8955 if you have a question or about setting up home searches that will alert you via e-mail as soon as a new home hits the market. These alerts may be the edge you need to get ahead of other home buyers.

What Does It Mean If You Are Selling Your House In Grand Rapids?

If you’re selling your house or are thinking of selling your house then you are in luck because it continues to be a Sellers Market. The biggest reason for this is simply the lack of inventory of existing homes and fewer new build homes. I believe the reason there is a lack of inventory for existing homes is home sellers have to be able to purchase another home and that is where there is a bottleneck. Prior to the recession, there were quite a few builders in the Greater Grand Rapids area but after the recession there a large number of builders have moved out of the area or have transitioned into another vocation.  How can you help make sure you’re receiving the best return on your investment? Make use of the home valuation calculator and give me a call to discuss how to make sure you’re setting the right asking price.

Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.

See Additional Reports on the Grand Rapids Real Estate Market
Here are the most recent home listings just added to the database in the average price range for Grand Rapids. All homes here are priced at $358,000 or less.

Grand Rapids Homes and Condos For Sale

3658  Miramar Avenue NEView
3658 Miramar Avenue NE
Grand RapidsMichigan 49525
$140,000
Active
View Details
1825  Woodworth Street NEView
1825 Woodworth Street NE
Grand RapidsMichigan 49525
$209,900
Active
View Details
152  Ann Street NEView
152 Ann Street NE
Grand RapidsMichigan 49505
$122,000
Active
View Details
2993  Bristol Avenue NWView
2993 Bristol Avenue NW
Grand RapidsMichigan 49534
$249,900
Active
View Details
6705  Paris Avenue SEView
6705 Paris Avenue SE
Grand RapidsMichigan 49548
$90,000
Active
View Details
1720  Ira Avenue NWView
1720 Ira Avenue NW
Grand RapidsMichigan 49504
$135,900
Active
View Details
6617  Brookhills Court SEView
6617 Brookhills Court SE
Grand RapidsMichigan 49546
$295,000
Active
View Details
817  Watkins Street SEView
817 Watkins Street SE
Grand RapidsMichigan 49507
$104,900
Active
View Details
142  Clements Street SEView
142 Clements Street SE
Grand RapidsMichigan 49548
$119,500
Active
View Details
627  Franklin Street SEView
627 Franklin Street SE
Grand RapidsMichigan 49507
$119,900
Active
View Details
242  Knapp Street NEView
242 Knapp Street NE
Grand RapidsMichigan 49505
$156,000
Active
View Details
906  Eastern Avenue NEView
906 Eastern Avenue NE
Grand RapidsMichigan 49503
$165,000
Active
View Details
718  Hoyt Street SEView
718 Hoyt Street SE
Grand RapidsMichigan 49507
$185,000
Active
View Details
1322  Kalamazoo Avenue SEView
1322 Kalamazoo Avenue SE
Grand RapidsMichigan 49507
$115,000
Active
View Details
61  Mayfield Avenue NEView
61 Mayfield Avenue NE
Grand RapidsMichigan 49503
$200,000
Active
View Details

VIEW ALL RESULTS

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,205,356
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Doug,  Great Blog to share with buyers and sellers in your market and us also here in the rain.

 

Jul 23, 2018 10:11 AM #1
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