Here Is A Look At The Grand Rapids Real Estate Market Report | January 2018

January 2018 is a Sellers Market!

Well, the Holidays are over and you’re probably recovering from “sticker shock” from the credit card statements. The upcoming Grand Rapids real estate market looks to be a carbon copy of the last 2 years. RED HOT! Let me explain the reason for my outlandish forecast.  

The number of for sale listings was down 12.3% from the previous month. The number of sold listings decreased 33.2% month over month. The number of under contract listings was up 28.3% compared to previous month. The Months of Inventory based on Closed Sales is 2.

The Average Sold Price per Square Footage was down 2.5% compared to previous month. The Median Sold Price decreased by 2.9% from last month. The Average Sold Price also decreased by 0.5% from last month. Based on the 6 month trend, the Average Sold Price trend is “Depreciating” and the Median Sold Price
trend is “Depreciating”.

The Average Days on Market showed a neutral trend. The ratio of Sold Price vs. Original List Price is 96%.

My Conclusion is listed below.

 

Instant Online Home Value Estimator

Kent County Steals and Deals

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 January 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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Graph showing properties sold, durrent inventory and properties under contract

Graph and Text showing the Average Sold Price per square foot

Graph showing the days on the market and the sold price vs the original list price

Graph showing the Absorption Rate

In Conclusion: I believe it will continue to be a Sellers Market as long as there is an inventory shortage and interest rates do not go through the roof. If they stay under 5%, this will take some of the buyers out of the marketplace but won’t be enough to put a dent in the housing shortage. There is still a 2 month supply of properties. December property sales were 911 vs 609 for January. The current inventory is down 12.3% compared to December 2017. The number of pending sales are 811 for January or 28.3% over December 2017. So what this tells me is there is still an inventory shortage and there was a big jump in sales in the latter part of December and January that didn’t close in January but will close in February. I hope you’ve enjoyed my Grand Rapids Real Estate Market Report.

IT’S A SELLERS MARKET! THINKING OF MAKING A MOVE?

CALL DOUG HANSEN AT 616-485-8955

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