Here is a look at the Grand Rapids Real Estate Market for February 2017.
February 2017 continues to be a SELLERS MARKET.
February 2017 continued to be a sellers market due to one very simple fact…there is a shortage of inventory (homes for sale). Once we look at last months numbers that will be as clear as night and day. The number of for sale listings (active) was down 7.3% from the previous month. The number of sold listings decreased 17.7% month over month. The number of under contract listings was up 9.7% compared to the previous month. The Months of Inventory based on Closed Sales is 2.1.
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The Average For Sale Price is Appreciating*
The Average For Sale Price in February was $313,000, up 5% from $298,000 last month.
The Average Sold Price is Depreciating*
The Average Sold Price in February was $184,000, down 2.6% from $189,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in February was $160,000, up 1.9% from $157,000 last month.
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What does this data mean
My thoughts and commentary are simply this. There is still a low inventory of properties on the market and I think it will continue to stay that way for years to come. With the low inventory, homeowners are selling at record prices. The Average Sold Price for February was $184,000. You must ask yourself if you are buying a home, “When are prices coming down?” The reasons are simple and complex at the same time. A number of home builders were run out of the market during the Great Recession. That mean there are few home builders to satisfy new home demands. West Michigan is growing up. The Grand Rapids Metro area now has over 1 million people. If you don’t believe me, how often does a Trader Joes go into a small market…they don’t. The February Absorption Rate based on closed sales was 47.4% and that is still a huge sellers market. Check out The Grand Rapids Real Estate Market Report | January 2017 and compare February 2017 to last months number.
IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET!
If you are thinking of selling and want 25+ years of experience working for you, please call me at 616-485-8955.