Grand Rapids Real Estate Market Report - August 2018

By
Real Estate Agent with Five Star Real Estate

Here’s a look at the Grand Rapids Real Estate Market for August 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

 

July property sales ended the month with a total of 1110 homes sold. That is a 12.8% decrease over last month. June home sales were 1273. The Average For Sale Price of Homes in the Greater Grand Rapids Area for July was $341,000, down 2.8% from $351,000 last month. The Median Sold Price in July was $199,000, down 0.5% from $200,000 last month. Here's my quick opinion and we all know how much free opinions are worth, mine are quite expensive. Sales are down, prices are down and the number of available homes for sale is up. Usually, there is a drop off in sales in the latter part of July and into August. There usually is a bump in sales in September and the first half of October. Most buyers who have children want to be in their new home prior to the school year starting. So the market has cooled a degree or two.

boy with calculator, pen and contract

 

What Does This Mean?

 

The total number of homes still available this month is 1774. The current inventory is up 9% compared to the month of June. There was an increase of 2.8% in the pended properties in July, with 1247 properties versus 1213 last month. Here is my FREE educated opinion on the Grand Rapids Real Estate Market. Last month the inventory was up 17.7% and this month its up 9% and the July property sales were down 12.8% and there was a small increase in pended sales. This all points to the slowing of the real estate market in the Greater Grand Rapids area. Having polled some of my colleagues there seems to be a slowing of multiple offers on some price ranges. As stated previously there is a slower period in the real estate market during July and August but does pick up in September and October.  If you are still thinking of selling your house you are in luck because it's still a Sellers Market in Greater Grand Rapids.

 

What Does This Mean If You Are Buying A

House In Grand Rapids?

 

At the end of July, the Grand Rapids Real Estate Market saw an increase of Homes For Sale. The July 2018 Months of Inventory Based on Closed Sales of 1.6 was up 23.5% compared to last month.  A seller's market is 0-3 months of inventory. A neutral market is 3-6 months and a buyers market is 6 months of inventory or more. The Greater Grand Rapids Area has been in a seller's market for the last couple of years and that is why its tough for buyers to get an accepted offer on a house when there is multiple offers on the house.

 

 

Real estate agent handing keys to a man and woman for their new home

 

What Does this Mean If You Are Selling A

House in Grand Rapids?

 

Take a look at the picture below and that will tell you what it means to be selling your home in today's Greater Grand Rapids Rapids Real Estate Market. I predict that the Seller's Market will continue into the foreseeable future. The reason has been and will continue to be a lack of inventory. When there are low inventories and a high demand for the product, in this case, housing, prices go through the roof. 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.

Picture of money growing on a tree

 

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