Grand Rapids Real Estate Market Report March 2018
Welcome to our Grand Rapids Real Estate Market Report. Here you will find the current market information for March 2018 as reported by the Grand Rapids Board of Realtors.
Market reports are a useful tool when researching specific areas of town, particularly when selling a home. You can learn about pricing trends, how many days homes last on the market, median prices, sale to list price ratios and more. We also provide a snapshot of homes sold in your market.
Days on Market March 2018
You can have these market reports sent to your inbox each month for specific areas of town. Follow the link below to the main report page and select the drop down to find your market. If you don’t see your market, we can create it for you. We cover the entire Southwest Michigan area including the Lakeshore.
In this latest report for March 2018 as we enter the Spring Market, we are seeing a very active market. Buyers are eagerly awaiting listings as inventory remains low. There would be many more homes sold if they were more available homes and condos on the market. The Sales to Listing price ratio is 99.9% which is up from March’s 99.8%. In many markets, there are multiple offer scenarios with home buyers willing to make up any low appraisal.
Homes and condos are very much in demand and selling close to full price in many markets, primarily because of the lack of inventory. The median price of active listings is $300,000 while the median price of sold property is $164,500.
Sale to List Price March 2018
LISTING INVENTORY IS STILL DOWN! We have active, qualified buyers in many markets, including the downtown condo market, that are just waiting for listings. If you are thinking of selling your home or condo, now is a GREAT time to put it on the market. Please give me a call or fill out the form below and tell us about your home!
There are currently 271 active listings (131 new listings in March) in the market area this report covers, with 265 properties selling. If you are looking for a home or condo, let us help you get notified right away of any new listings.
The average days on the market for March is 30 days, which is down from 41 days on the market in February, again indicating lack of inventory.
What is Your Home Worth?
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