Here’s a look at the Grand Rapids Real Estate Market for September 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 98% of their listing price.
A Look At The Housing Stats
August property sales were 1136, 2.9% lower than the 1170 last month. The Average For Sale Price of Homes in the Greater Grand Rapids Area for August was $330,000, down 3.2% from $341,000 last month. The Median Sold Price in August was $202,000, up 2% from $198,000 last month. Here's my opinion on the above numbers. The numbers continue to cool off just a bit just like the West Michigan weather. Home Sales are down, the average For Sale Price of Homes is down but the Median Sold Price is slightly higher. So the market has cooled a degree or two. Looking at these stats, I say the super hot real estate market in Greater Grand Rapids is now just a hot real estate market.
What Does This Mean?
The total number of homes still available this month is 2005. The current inventory is up 13% compared to the previous month. There was an increase of 2.9% in the pended properties in August, with 1248 properties versus 1213 the previous month. Here is my FREE educated opinion on the Grand Rapids Real Estate Market. Here are some number to substantiate my opinion of the market. Over the last 5 months, the average number of houses sold month over month increased .96%. The Median Home Sold Price increased 1.78% month over month. That's all great news but remember from previous Market Reports, the Grand Rapids Real Estate Market was super hot from April through June. Now for the not so great news. The Average Homes For Sale Price has dropped almost $5000 per month over the last 5 months. In April the Average Homes For Sale Price was $354,000 and August was $330,000. The inventory has increased by 11.38% over the last 5 months or 2.2% monthly. What does this mean? There are more homes on the market at a lower list price. The months of Inventory Based on Closed Sales is 1.8 months. That is a lot considering most of the summer months the inventory was under 1 month. 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 August, the Grand Rapids Real Estate Market saw an increase of Homes For Sale. The August 2018 Months of Inventory Based on Closed Sales of 1.8 was up 19.8% 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. With the Months of Inventory up slightly and the Homes For Sale Price decreasing slightly, this means now is the time to buy. There is another HUGE factor to buy now versus later, interest rates have gone up and will continue to go up. If you wait you will pay more monthly or you won't be able to afford as much as you can now.
What Does This Mean If You Are Selling A House In Grand Rapids?
Take a look at the picture and that will tell you what it means to be selling your home in today's Greater Grand Rapids Real Estate Market. I predict that the Seller's Market will continue into the foreseeable future. My reasoning is simple there is still a lack of inventory in the Greater Grand Rapids Real Estate Market and that will continue to push house prices higher. Remember, even in this hot and crazy real estate market you still need 3 things to sell a house, 1.Price! 2.Location 3.Condition. If one of those three are off you may be sitting or making multiple price adjustments. If that is the case, there is a good chance you'll sell lower than if you priced it correctly in the beginning. 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. Don't trust an automated home valuation calculator? Contact me and I'll give you a free market analysis and its free. Contact information is firstname.lastname@example.org, call or text 616-485-8955.
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Here are the most recent home listings just added to the database in the average price range for Grand Rapids. All homes and Condos here are priced at $330,000 or less.