Here’s a look at the Grand Rapids Real Estate Market for May 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 percent of their listing price.
A Look at Housing Stats
April ended with a total of 953 properties sold. That is a 4.7 percent increase from the number sold in March. The average for sale price of homes in the Grand Rapids area was $354,000 in April. That’s a decrease of 1.4 percent from the $359,000 of last month. It’s worth noting that the median sold price showed an increase for April at the rate of 2.7 percent, with this month coming in at $190,000 compared to the $185,000 last month.
What Does This Data Mean?
At the end of the month, there were 1,158 homes listed with no offer. That shows a decrease of 2.1 percent from last month. There were 1,193 pending sales at the end of April. This number shows an increase of 1.9 percent over last month. It continues to be a seller’s market in Grand Rapids.
What does this mean if you’re buying a house in Grand Rapids?
At the end of April, Grand Rapids saw another drop in inventory numbers. Inventory went from 1.4 months supply in March to 1.2 months supply in April. For the market to be considered balanced, there has to be a 6-months supply of properties on the market. The limited inventory makes it challenging for buyers, but there are ways to improve your odds when it comes to finding a house that fits your needs. Contact me 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 this mean if you’re selling a house in Grand Rapids?
Sellers are celebrating the last few months in Grand Rapids. Buyers are showing up to purchase properties, and the lack of inventory gives sellers the upper hand in negotiations. The average days for homes staying on the market is 26. This number shows a 27.8 percent decrease from the 36 days recorded in March. When you consider that the number of days was 45 in February, it’s easy to see the downward trend that makes this a great time for sellers. 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.
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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 $354,000 or less.
Grand Rapids Homes for Sale $354,000 and Under