Here’s a look at the Grand Rapids Real Estate Market for October 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 97% of their listing price.
A Look At The Housing Stats
The total number of homes still available this month is 2090. The current inventory is up 4.2% compared to the previous month. September property sales were 1000, 21.7% lower than the 1277 last month. There was a decrease of 17.6% in the pended properties in September, with 1010 properties versus 1255 the previous month. The Average For Sale Price of Homes in the Greater Grand Rapids Area for September was $329,000 down 0.3% from $330,000 last month. The Median Sold Price in September was $198,000, down 2.9% from $204,000 last month. The Months of Inventory based on Closed Sales of 2.1 was up 30.5% compared to last month. If you remember, this number during the summer months was running right around 1 or slightly lower.
What Does This Mean?
My FREE educated opinion on the Grand Rapids Real Estate Market. Here are some number to substantiate my opinion of the market. Home Sales (sold) are down double-digit (21.7%), the Property Under Contract (pending) is down double-digit (17.6%). The total number of For Sale Listings is 2090 up (4.5%). The Average For Sale Price of Homes is down (0.3%) and the Median Sold Price is slightly down (2.9%). As I write this article and look out my window and I see a cornucopia of colors as the leaves start to turn beautiful reds, yellows and more. The Grand Rapids area experienced its first freeze of the year, that's below 32 degrees for those of you in the southern United States. So goes the Grand Rapids Real Estate Market. Sold prices are down, # of pending homes is down and the number of For Sale Listing is up. The months of Inventory Based on Closed Sales is now 2.1 months. That is a lot considering most of the summer months the inventory was just over/under 1 month. My conclusion is ??? Based on the above numbers, the real estate market is slowing down and getting ready to hibernate for the next couple of months. Does this mean that you can't sell in the winter months? Absolutely not, it's just the opposite, there is less competition because there are fewer homes on the market. If you are still thinking of selling your house you are in luck because it's still a Sellers Market in the Greater Grand Rapids Area.
What Does This Mean If You Are Buying A House In Grand Rapids?
At the end of September, the Grand Rapids Real Estate Market saw an increase of Homes For Sale. The September 2018 Months of Inventory Based on Closed Sales of 2.1 was up 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 (0.3%), 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 above 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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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.