Here’s a look at the Grand Rapids Real Estate Market for December 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 1824. The current inventory is down 8.1% compared to the previous month. November property sales were 858, 18.7% lower than 1056 from the previous month. There was a decrease of 15.8% in the pended properties in November, with 843 properties versus 1001 the previous month. The Average For Sale Price of Homes in the Greater Grand Rapids Area for November is $329,000 down 2.1% from $336,000 last month. The Median Sold Price in November was $188,000, down 4.1% from last month of $196,000. The Months of Inventory based on Closed Sales of 2.1 was the same as compared to last month.
What Does This Mean?
Here is my Merry Christmas and Happy New Year opinion on the Grand Rapids Real Estate Market. I hope everyone has had a chance to partake in a seasonal eggnog and hopefully you've finished your shopping. Home sellers look under your Christmas Tree and you'll see a big fat bag that Santa Clause left behind that will be filled with the green stuff.
Home Sales (sold) are down 18.7%, the Property Under Contract (pending) is down 15.8%. The total number of For Sale Listings is 1824 down 8.1%. The Average For Sale Price of Homes is down 2.1% and the Median Sold Price in November was $188,000 down 4.1% compared to the previous month of $196,000.
Looking out my office window I see BLAH! Blah is a technical term that meteorologist uses to describe a gray cloudy day. Unfortunately, in West Michigan I could forecast the weather, simply saying BLAH. Let's see some snow for Christmas!
Now back to my prediction for the Grand Rapids Real Estate Market. Even though all the numbers are down, sold numbers are down double-digit, pended sales are down double-digit, Median Sold Price is down $8000. The number of For Sale Listings are down almost double digit.
Currently, we are in the middle of the Holiday Blues in Real Estate. Have no fear, it won't last long. My conclusion is ??? The Blues will continue through January and maybe February. Once the shock of your credit cards balances wears off and the weather starts to break, we'll get back to a HOT REAL ESTATE MARKET! So as the weather starts to warm so goes the Grand Rapids Real Estate Market.
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 and buyers are going to be SERIOUS about your home. 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 November, the Grand Rapids Real Estate Market saw a decrease of Homes For Sale. The November 2018 Months of Inventory Based on Closed Sales of 2.1 was almost the same as the previous month.
We are still in a seller's market. 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. Wait until spring and there will be more houses to choose from but the number of buyers will go up also thus multiple offer situations.
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 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. 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.