Here Is A Look at the Grand Rapids Real Estate Market Report | May 2017
May 2017 is a Sellers Market!
I hope this Grand Rapids Real Estate Market Report for May 2017 finds you well and in good health. The real estate market is as hot as a firecracker is on the 4th of July. I know I sound like a broken record playing the same song over and over but it is true and the numbers below will prove me correct.
The number of for sale listing was up 3.1% from the previous month. The number of sold listings increased 25% month over month. the number of under contract listings was up 20.2% compared to the previous month. The Months of Inventory based on Closed Sales is 1.3.
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Notice the Average Sold Price per Square Footage is up $6 over last month. What does that mean to a home owner that owns a 1000 sqft ranch (of course the house has to be in a good area and it has to be in nice condition). That house potentially appreciated $6000. Try and save $6000 in one month. That My Friends is Called Appreciation.
WOW! This is a crazy low inventory. 1.3 months of inventory is sooo crazy low, if you think back 8-10 years during the Great Recession, the Months of Inventory would be in the years, 24 to 30 months of inventory was not unusual. That’s why I’m saying this is crazy low. Needless to say BUT This is a Sellers Market.
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 Condo In The Greater Grand Rapids Area?
- Two Bedroom Condos For Sale Kent and Ottawa Counties $150K-$200K
- Three Bedroom Condos for Sale In Kent and Ottawa Counties $150-$200K
- Downtown Grand Rapids Condos For Sale
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. Here is a question for you to ponder. What was the unemployment rate in Grand Rapids for July of 2009….17.1% and Kent County was 12.6% for the same time period. Today the unemployment rate in Kent County is 2.4%