Here’s a look at the Grand Rapids Real Estate Market for November 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 96% of their listing price.
A Look At the Housing Stats
The total number of homes still available this month is 1984. The current inventory is down 5.1% compared to the previous month. October property sales were 1007, 4.4% lower than the 1053 last month. There was an increase of 7.7% in the pended properties in October, with 1048 properties versus 973 the previous month. The Average For Sale Price of Homes in the Greater Grand Rapids Area for October was $336,000 up 2.1% from $329,000 last month. The Median Sold Price in October was $197,000, the same as last month of $198,000. The Months of Inventory based on Closed Sales of 2 was the same as compared to last month. May through August the Months of Inventory was running between 1 and 1.5.
What Does This Mean?
Here is my humble opinion on the Grand Rapids Real Estate Market. The numbers to help substantiate my opinion of the market. Home Sales (sold) are down 4.4%, the Property Under Contract (pending) is up 7.7%. The total number of For Sale Listings is 1984 down 5.1%. The Average For Sale Price of Homes is up 2.1% and the Median Sold Price in October was $197,000 compared to the previous month of $198,000.
Well, now when I look out my office window, I see fallen leaves on the ground and cloudy skies (who am I kidding, it's always cloudy in West Michigan from November to March). Temps are in the 20's at night and 30's during the day. Definitely cooling off and about ready to slid into sub-freezing temperatures. And so goes the Grand Rapids Real Estate Market. Amazing how the weather and the Grand Rapids Real Estate Market mirror each other.
Sold prices are neutral, # of pending homes is up slightly and the number of For Sale Listing is down. The months of Inventory Based on Closed Sales is still 2 months. That is a lot considering most of the summer months the inventory was between 1 and 1.5 for 4 months.
My conclusion is ??? Based on the above numbers, the real estate market continues to slow 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 October, the Grand Rapids Real Estate Market saw a decrease of Homes For Sale. The October 2018 Months of Inventory Based on Closed Sales of 2 was the same as the previous 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 a seller's market and the Homes For Sale Price neutral, this means its still a seller's market. Here is the good news, there will be fewer buyers in the market and less pressure on putting in a higher than list price offer now is a great 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?
Selling your home in today's Greater Grand Rapids Real Estate Market in the winter months is still a great time to sell. The reason is simple, there are fewer homes for sale and that means less competition. 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 is off you may be sitting on the market 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 email@example.com, call or text 616-485-8955.
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 $336,000 or less.