Here’s A Look At The Grand Rapids Real Estate Market Report | February 2018
February 2018 Is STILL a Sellers Market!
The majority of winter is over except for a few days of a dusting of snow and cold temperatures but for the most part, Old Man Winter is now a dot in the rearview mirror. I know, I know, I sound like a broken record…it’s a seller’s market but its true. Hopefully, I’ll be able to show you the numbers and give you my opinion on what those numbers mean or what I think they mean. Ok, strap your hats on cause we’re ready for liftoff.
The number of for sale listings was down 4% from the previous month. The number of sold listings decreased 8.8% month over month. The number of under contract listings was up 5.3% compared to previous month. The Months of Inventory based on Closed Sales is 2.
The Average Sold Price per Square Footage was up 1.3% compared to previous month. The Median Sold Price increased by 5.9% from last month. The Average Sold Price also increased by 2% from last month.
The February 2018 Absorption Rate based on Closed Sales of 50.1 was down 5.1% compared to last month. But, the Absorption Rate on Pended Sales of 70.6 was up 9.6%.
Below shows the Graphs showing the above numbers.
I give you my conclusion below.
Instant Online Home Value Estimator
These homes are listed as Steals and Deals because their list price/sqft is $80 or less. The graph below describes the sold price/sqft $79 in February 2018. So these homes are listed below the sold price/sqft which means they are listed below what other homes have sold for per square foot.
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My conclusion to the above numbers and graphs is it is still and will continue to be a seller’s market. The first graph shows February sales down 8.8% over January. Current inventory down 4%. Pended properties were up 5.3% versus January. December, January and the first of March is typically slow because of the holidays are over but the cold and snow are still here. Thus the housing market grinds to a real slow down. The Average Sold Price per Square Foot was up 1.3% over January. Lack of inventory during the winter months will show a slow down in the number of sales, current and pended homes. Look for the March homes update and I can almost guarantee an uptick in all the above numbers.
Lack of inventory will be a driving force in sales and prices over the next 4-6 months. The reason I’m not saying it will continue through the year is I don’t know where mortgage interest rates will be or when they start to go up. They are projected to be close to 5%. That could that a number of potential buyers out of the market.