Tuesday, 28 March 2017

Grand Rapids Real Estate Market Report for February 2017

Written by Posted On Friday, 17 March 2017 20:24

Here is a look at the Grand Rapids Real Estate Market Report for  February 2017.

February 2017 continues to be a SELLERS MARKET.

February 2017 continued to be a sellers market due to one very simple fact…there is a shortage of inventory (homes for sale). Once we look at last months numbers that will be as clear as night and day.  The number of for sale listings (active) was down 7.3% from the previous month. The number of sold listings decreased 17.7% month over month. The number of under contract listings was up 9.7% compared to the previous month. The Months of Inventory based on Closed Sales is 2.1.

Its a graph that shows sold, pending, active data

 

 

 

 

 

 

 

 

 

Wondering what your home might be worth?

Looking at buying a home in the Greater Grand Rapids Area? Not sure what area or price range?
  <<<CLICK HERE >>>TO SEE ALL THE HOMES BY ZIP CODE AND PRICE

Picture of 3 houses

 

Graph showing the days on market

Graph showing the Average Sold Price per Square Footage, Days on Market and Sold/Original List Price

 

Graph showing the absorption rate

 

 

The Average For Sale Price is Appreciating*

The Average For Sale Price in February was $313,000, up 5% from $298,000 last month.

The Average Sold Price is Depreciating*

The Average Sold Price in February was $184,000, down 2.6% from $189,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in February was $160,000, up 1.9% from $157,000 last month.

Looking For a Home In The Greater Grand Rapids Area?

Looking for a 2 bedroom home priced from $150K-$200K?

Looking for a 3 bedroom home priced from $150K-$200K?

Looking for a 4 bedroom home priced from $150K-$200K?

Looking for a 5 bedroom home priced from $150K-$200K?

Looking for a home with a pool from $150K-$200K?

Looking for a Condo In The Greater Grand Rapids Area?

Two Bedroom Condos For Sale Kent and Ottawa Counties $150K-$200K

Three Bedroom Condos for Sale In Kent and Ottawa Counties $150-$200K

Downtown Grand Rapids Condos For Sale

What does this data mean

 My Commentary

My thoughts and commentary are simply this. There is still a low inventory of properties on the market and I think it will continue to stay that way for years to come. With the low inventory, homeowners are selling at record prices. The Average Sold Price for February was $184,000. You must ask yourself if you are buying a home, “When are prices coming down?” The reasons are simple and complex at the same time. A number of home builders were run out of the market during the Great Recession. That mean there are few home builders to satisfy new home demands.  West Michigan is growing up. The Grand Rapids Metro area now has over 1 million people. If you don’t believe me, how often does a Trader Joes go into a small market…they don’t. The February Absorption Rate based on closed sales was 47.4% and that is still a huge sellers market. Check out The Grand Rapids Real Estate Market Report | January 2017 and compare February 2017 to last months number.

IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET! IT’S A SELLERS MARKET!

If you are thinking of selling and want 25+ years of experience working for you, please call me at 616-485-8955.

Thank you

Doug Hansen

Rate this item
(0 votes)
Login to post comments

Search by State:

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.