Grand Rapids Real Estate Market Report | January 2018

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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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