Here is a look at the Grand Rapids Real Estate Market Report | March 2017

Housing Stats: March 2017 continues to be a Seller’s Market!

The number of for sale listings was up 4.5% from the previous month. The number of sold listings increased 41.6% month over month. The number of under contract listings was up 34.2% compared to the previous month. The Months of Inventory based on Closed Sales is 1.5.

Graph showing inventory levels for homes for sale, sold and pending sales

The Average Sold Price per Square Footage was up 11.3% compared to the previous month. The Median Sold Price increased by 6.9% from last month. The Average Sold Price also increased by 10.8% from last month. Based on the 6-month trend, the Average Sold Price trend is “Appreciating” and the Median Sold Price trend is “Neutral”.

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Picture of 3 houses

 Graph showing the days on market

 Graph showing the Average Sold Price per Square Footage

 Graph showing the absorption rate

The Average For Sale Price is Appreciating*

The Average For Sale Price in March was $321,000, up 2.6% from $313,000 last month.

The Average Sold Price is Appreciating*

The Average Sold Price in March was $205,000, down 10.8% from 185,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in March was $171,000, up 6.9% from $160,000 last month.

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What Does This Data Mean?

If you look at all the numbers which we will break them down, it does continue to show that the inventory in low and sales are still strong. Ok, here we go into the numbers.

  1. Property sales (sold) for February 2017 were 601 but lower than March 2017 property sales (sold) were 895.
  2. The current inventory (for sale) for February 2017 were 1269 and March 2017 were 1326 homes for sale.
  3. Properties under contract for February 2017 were 907 and March 2017 were 1181 properties under contract.
  4. The Average for Sale Price is up $8000 over February 2017. The Average Sold Price is up $20,000 over February 2017. The Median Sales Price is up $11,000 over last month.
  5. Lastly, the Absorption Rate based on Closed Sales. March 2017 Absorption Rate based on closed sales of 67.5 was up 35.5% compared to last month

So my take on the above numbers is simple, there are more properties selling than new homes coming on the market for sale. With this scenario, prices will continue to be elevated and there is no relief in sight. So if you are thinking of selling your home now is the perfect storm if you’re a home seller. You’ll realize a higher sales price and that translates to more money in your pocket.

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

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