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Here Is A Look at the Grand Rapid Real Estate Market Report | April 2017

Housing Stats: April 2017 continues to be Hot Sellers Market

The number of for sale listings was up 8.6% from the previous month. The number of sold listings decreased 10.6% month over month. The number of under contract listings was up 7.5% compared to the previous month. The Months of Inventory based on Closed Sales is 1.7. 

Grand Rapids Real Estate Market

Month after month the housing market continues to amaze me in how low the existing housing inventory is and the elevated prices. I hope these graphs and numbers will help you see where the Grand Rapids Real Estate Market has been and where it is going.

Stats for house sales in Grand Rapids MI

Average sold Price per square foot

Instant Online Home Value Estimator

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Picture of 3 houses

Graph showing the months of inventory in Grand Rapids

The average sold price per square footageGraph showing the absorption rate

The Average For Sale Price is Appreciating*

The Average For Sale Price in April was $320,000, down 0.3% from $321,000 last month.

The Average Sold Price is Appreciating*

The Average Sold Price in April was $212,000, up 4.4% from $203,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in April was $180,000, up 5.3% from $171,000 last month.

Looking For a Home In The Greater Grand Rapids Area?

Looking for a 2 bedroom home priced from $150K-$200K?

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Looking for a home with a pool from $150K-$200K?

Looking for a Condo In The Greater Grand Rapids Area?

What Does This Data Mean?

Month after Month the sales in the Greater Grand Rapids Area remain STRONG! Inventory of existing properties remains extremely low. With low inventories of existing properties and new construction, this will continue to fuel higher than normal list prices and more times than not higher sales prices. You see many buyers in the market today have been beaten out on their offer even if they had written a full price offer with little to no contingencies. After that happens a couple of times many buyers get frustrated and will bid over asking price and the funny thing is they’re probably competing with the other buyers that lost out on properties that they had submitted offers on. There is no end in sight. As long as the economy keeps chugging along and unemployment doesn’t spike back to 8-10%, this recovery will continue. And prices will continue to rise.

The Last 5 Months I’ve Been Saying:

Its a Sellers Market! !  Its a Sellers Market!  Its a Sellers Market!  Its a Sellers Market!  Its a Sellers Market!

 

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