After a few months of hot market, the pace in the GRAR area has slowed down.
This is likely due to an increased number of listing offered for sale in April: 17.5% increase in residential, 18.6% increase in multi-family, and 67% increase in vacant land respectively. While inventory remains at an all-time low, and property values have increased significantly on average, volume of closed sales in April has experienced a negative outlook, from $229,942,863 to 218,963,583, or -4.8%. The year-to-date closed volume on average is still 0.7% above last year’s, while all signs are pointing to a market adjustment.
On the ground, we are observing an increased number of price reductions, a sign that sellers might be now chasing buyers in certain market brackets.
The average home now sells for $252,945, a 7% net increase compared to last year. Consistently, the largest share of the market is from properties priced $200,000 to $249,999 (22.7%); $250,000 to $299,999 (11.4%); and $300,000 to $399,999 (12.2%). A 9.8% slice is occupied by properties priced $180,000 to $199,900.
The usual question is: should one sell, buy, or take no action? The answer is simple: markets move quickly, and today’s value might be very different from yesterday’s or tomorrow’s. If you are planning to sell, now might still be a good time, if this adjustment continues. Prices are still consistently strong, netting you a good amount. If you are planning to buy, now that market is slowing down and more properties are offered for sale, you might have a chance at securing your dream property against fewer competing bids. Interests have rarely been so low, below 4%.
As usual, whether you are planning to buy or sell, always use the expertise of a REALTOR® to secure the highest possible benefit.
I am always contactable if need be: 616-443-4821.
Happy house hunting everyone!