Grand Rapids Real Estate Market Report | December 2016

Here is a look at the Grand Rapids Real Estate Market for December 2016.

December 2016 was a Seller” Market. The number of for sale listings was down 8.9% from the previous month. The number of sold listings decreased 3.1% month over month. The number of under contract listings (pending) was down 31.8% compared to the previous month. The Months of Inventory based on Closed Sales is 2.7. With a 2.7 Months of Inventory based on Closed Sales, it is still considered a Seller’s Market.

The Average Sold Price per Square Footage was down 6.1% compared to the previous month. The Median Sold Price increased by 0.7% from last month. The Average Sold Price also decreased by 6.7% from last month. Based on the 6-month trend, the Average Sold Price trend is “Depreciating” and the Median Sold Price trend is “Neutral”.

The Average Days on Market showed an upward trend. The ratio of Sold Price vs. Original List Price is 95%.Graph showing Property sales, Current inventory and Properties under contract.

Here’s A Look at the Average Sold Price per Square Footage

Graph showing the Average Sold Price per Square Footage

December saw 777 single family homes sold and closed, compared to 780 homes sold in December 2015. These properties sold on average at $62 per square foot and that was down 6.1% for $66 last month. The median sales price for December was $168,000, down 6.7% from $180,00 last month.

The median sales price for December was $168,000, down 6.7% from $180,00 last month.

Here is a look at Houses for Sale In Kent and Ottawa Counties priced in the Median sales price.

3 Bedroom Houses for sale in Kent and Ottawa Counties. Priced $150K to $200K

4 Bedroom Houses for sale in kent and Ottawa Counties. Priced $150K to $200K

5 Bedroom Houses for sale in Kent and Ottawa Counties. Priced $150K to $200K

Kent and Ottawa Counties Homes with a Pool:

A look at the Condo Market

2 Bedroom Condos for sale In Kent and Ottawa Counties

3 Bedroom Condos for sale In Kent and Ottawa Counties

Downtown Grand Rapids Condos For Sale

What does this mean if you are buying a house in Greater Grand Rapids?

If you wait until you think you’re ready it may be too late. Interest Rates may have risen back into the 5-6% range. Look at the chart below and see the difference at how mortgage interest rates can affect your payment and or that price of the home you can afford.Comparing interest rates and how much house you can afford

What does this mean if you are selling a house in Greater Grand Rapids? SELL! SELL! SELL!

With 2.7 months of inventory, you’ll find today’s Greater Grand Rapids Real Estate Market to be a SELLERS MARKET.

Wondering what your home might be worth?

Find out instantly with our 15 second home value calculator

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