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Updated Market Trends…Sizzling Stats
March 25th, 2011
This is the first in a series which will summarize monthly the relevant information for the Grand Rapids Real Estate market. I believe these stats are relevant if you are thinking of buying or selling in today’s market. How better to see the “real picture” than to check out the statistics which are driving the market.
These are displayed in easy to read graphs with corresponding commentary. The following graphs are for the entire Grand Rapids Real Estate Market – I will be breaking them down by area as we get rolling with these monthly reports.
The first one represents the Homes for Sale vs. the Homes Sold. It’s an interesting comparison and will wow you with the number of homes in our inventory at the Grand Rapids Association of Realtors. Ohhh – I think we have plenty of inventory – so now you know how important the right price is when you put your home on the market.
The second graph represents the Days on the Market and the Percentage of List Price a home finally sells for. Both of these stats can be a little misleading.
It’s important to see for the past few years, the percentage of list price to sale price has not deviated a great deal. This is the number between what the house is listed for and what it sells for. All everyone hears from the media is it’s a buyers market (which is evidenced by the huge amount of inventory) – so everyone expects to get a screaming deal when they buy. These high numbers indicate perhaps one of the following is happening:
1. Sellers are now pricing their homes realistically. When this happens, the home stays on the market a shorter period of time and the percentage between list price and sale price is reduced.
2. Only those homes priced right are getting sold. The overpriced homes are being passed by – buyers still don’t feel comfortable putting those “low-ball” offers in.
The last graph is the current inventory in months supply. As you can see, we are well stocked in homes for sale.
All Graphs – Copyrighted by Trendgraphics