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February 2019 Real Estate Market Update

Recently, the Greater Regional Alliance of Realtors (GRAR) released the market report for February 2019 the greater Grand Rapids area.*  Both listings and sales remained sluggish, perhaps due in part to the rough winter weather.

New listings were down 9% in February, compared to February 2018. (809 versus 889), while sales were off 1% for the month in comparison to last February (606 versus 612).

The number of days on market in February averaged 38 days compared to 45 days in February 2018.

Despite relatively low sales, the average sale price of a single family home was up 15% from a year ago to $229,159.   The supply of inventory remained at 1.8 months, still in seller-market territory.

We had noted a slight increase in new listings over the last 6 months of 2018, but that trend changed in the first two months of this year.  It is possible that the unusually cold and snowy weather kept would-be sellers from listing their properties.  March is typically the beginning of the “spring market” for local real estate, so we will be watching to see if listings increase.

At Patriot Realty, we have had a very strong start to the year in comparison to the overall market.  Patriot listings were up in both January and February, along with our sales.  Year-to-date, our number of listings is up by 50% over 2018 and our number of sales is up by 24%.  Volume-wise, our sales were up 47%.  This compares of GRAR overall where listings are down 4.8% YTD and sales are down 4.3% YTD.

Interested in knowing what these reports mean for you and your property? Contact the Patriots at info@patriot-realty.net or 616-956-7676 to schedule a visit.

* Kent County, Georgetown and Jamestown Townships in southeastern Ottawa County, Ionia County, six townships in northeastern Allegan County, and the northern half of Barry County (including all of Gun Lake).

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