Here’s a look at the Grand Rapids Real Estate Market for July 2018. According to a report released by the Grand Rapids Association of REALTORS® (GRAR), Grand Rapids continues to favor sellers in today’s real estate market. Currently, sellers are receiving 99% of their listing price.
A Look At The Housing Stats
June property sales ended with a total of 1182 homes sold. That is 2.3% increase over last month. The Average For Sale Price of Homes in the Grand Rapids Area for June was $351,000. That is a decrease of 2.2% from last month. Here is something noteworthy, the Median Sold Price in June was $200,000, down 2.9% from $206,000 last month. Here is my snapshot of this section. There was a slight increase in the number of homes sold but there were decreases in the Average For Sale Price of Homes and The Median Sold Price
What Does This Mean?
At the end of June, the total number of homes available this month is 1628. The number of current inventory is up 17.7% compared to the previous month. There was a decrease of 3.8% in the pending properties in June, with 1251 properties versus 1301 last month. Here is my snapshot of this section. This does show more inventory coming on the Grand Rapids Real Estate Market and there are less pending sales. My thought is the market is slowing just a tad. Have no fear if you are thinking of selling this year, you are in luck it is still a Sellers Market in Grand Rapids.
What Does This Mean If You Are Buying A House In Grand Rapids?
At the end of June, the Grand Rapids Real Estate Market saw an increase in Homes For Sale. The June Months Of Inventory Based on Closed Sales of 1.4 months was up 16.7% compared to last month. This should give you an idea as to how months of inventory is calculated. For the market to be considered a neutral market there needs to be a 3-6 months supply of inventory or houses on the market. A seller’s market is less than 3 months of inventory and that’s what we’ve been in for the last couple of years. A buyers market is more than 6 months of inventory. To give you an idea what a true buyers market is like rewind your memory approximately 10 years, that’s right just like during the recession. We had up to 35 months of inventory.
If you are buying a home in such a hostile environment then you need someone that knows what they are doing. And not someone that has their picture on the side of a Zillow property. I’ve been selling real estate for 25+ years. That’s experience! Call or text me @ 616-485-8955 if you have a question or about setting up home searches that will alert you via e-mail as soon as a new home hits the market. These alerts may be the edge you need to get ahead of other home buyers.
What Does It Mean If You Are Selling Your House In Grand Rapids?
If you’re selling your house or are thinking of selling your house then you are in luck because it continues to be a Sellers Market. The biggest reason for this is simply the lack of inventory of existing homes and fewer new build homes. I believe the reason there is a lack of inventory for existing homes is home sellers have to be able to purchase another home and that is where there is a bottleneck. Prior to the recession, there were quite a few builders in the Greater Grand Rapids area but after the recession there a large number of builders have moved out of the area or have transitioned into another vocation. How can you help make sure you’re receiving the best return on your investment? Make use of the home valuation calculator and give me a call to discuss how to make sure you’re setting the right asking price.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.
See Additional Reports on the Grand Rapids Real Estate Market
Here are the most recent home listings just added to the database in the average price range for Grand Rapids. All homes here are priced at $358,000 or less.
