Grand Rapids Michigan Real Estate Blog

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East Grand Rapids Michigan Real Estate Market Report Jan - March 2010

Current Real Estate Market Report For East Grand Rapids Michigan

East Grand Rapids MI Public Library


 

Absorption rate for East Grand Rapids MI housing market is currently

at 8 months, which means if no new listings come on the

East Grand Rapids market, it will take 8 months for the existing

home inventory to sell.

There are 157 active listings on the East Grand Rapids market,

typically a larger inventory in the spring ranging from

 $74,999 to $2,995,000.

30 Pending Home Sales

28 Sold Homes with sold prices ranging from $ 63,000 to $ 599,000

for the first quarter of 2010 in East Grand Rapids housing inventory.

 

East Grand Rapids Homes  up to  $200,000

Active Listings – 48

Pending  – 13

Sold – 16  

Avg Sold Price – $158,230

Avg List Price – $158,696

East Grand Rapids Homes  $200,000 to $300,000

Active Listings  -  40

Pending – 10

Sold -  6

Avg Sold Price – $ 243,583

Avg. List Price - $249,530

 

East Grand Rapids Homes $ 300,001 to $450,000

Active Listings - 44

Pending -  5

Sold  – 4

Avg Sold Price – $ 352,625

Avg List Price – $ 390,873

 

East Grand Rapids Homes  $ 450,001 ++

Active Listings  -  25

Pending – 2

Sold – 2

Avg Sold Price - $ 567,000

Avg List Price – $ 852,228


The lower end of this market (under $300K) is the busy end

of the sales in the first quarter.  With the current lowest list price

at $ 74,999,  it looks like the bargain basement days in EGR housing

are over.  Homes in the higher prices are selling, but at a

slower rate. We are still seeing sold price erosion in the homes priced

over $200,000.

The Absorption rate is over the normal range for East Grand Rapids

homes by 2 months.  This shows an uptick in inventory and no uptick

 in sales to match.

 

East Grand Rapids Real Estate Market Reports

East Grand Rapids Michigan ~ America’s Hometown

 

 

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The authors of the this blog write about Grand Rapids Real Estate,

the Greater Grand Rapids MI area, and what it is like to live in

West Michigan.  We believe: Grand Rapids is a Great Place to Live!

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Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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Comment balloon 5 commentsTerry & Bonnie Westbrook • April 21 2010 12:11PM

Comments

Terry and Bonnie

East Grand Rapids looks like tit is selling better than lots of other areas; am I close on that one?

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 10 years ago

I like the breakdown of the ranges and like even more your interpretation of the data.

Posted by Loan Survivor Real Estate Financing Expert (Purchases, First Time Buyers, Pre-Approvals, Refinance) over 10 years ago

Terry nice work keeping everyone posted on what is going on in East Grand Rapids!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

This is "Heading in the Right Direction" news!  I'll take it!

Posted by Eleanor Thorne, Equity Resources 919-649-5058 (Equity Resources) over 10 years ago

Tom:  You got that right, EGR is a popular place to call home. 

 

Drew: Thanks for the comment and kind words. After doing literally hundreds of these reports, the data "talks" to me!

Bill: Thanks for consistently commenting on our market reports. Things are looking up!

 

Eleanor:  Thank goodness, good news travels fast and is so much better to report!

 

Bonnie

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

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