Grand Rapids Michigan Real Estate Blog

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Grand Rapids Michigan Area Real Estate Market ~ 1st Quarter 2008 Report

In researching real estate comparisons of several areas around

the Grand Rapids housing market in 2007 and  2008,

I was looking for the trends we all watch:

  1. Days on the market.                                                                                                      
  2. Average sales Price.
  3. Units sold.
  4. Cost Per Square Foot (Main floor square footage only)
  5. Comparison from 1st quarter 2007 to 1st quarter 2008.

 

Some areas have had quite a change, others have not been affected

 by market conditions nearly as noticeably. 

 

School System        Units sold  Avg Sales Price   $per Sq/ft   DOM            
 

Grand Rapids Schools

2007                            410       $104,656             $77.23      100

2008                           423        $ 75,218             $54.53        96

 

Forest Hills Schools       

2007                          136        $259,484            $126.79     119

2008                         104         $284,89             $125.47      112

 

East Grand Rapids Schools

2007                          49         $327,774            $129.39      113

2008                          27         $202,699            $114.65       83

 

Rockford Schools                     

2007                       108          $208,163            $126.05      113 

2008                        92           $199,663           $118,87      127 

 

Kentwood Schools

2007                      113           $146,792           $105.37      113

2008                      116           $137,634            $90.96       116

 

Caledonia Schools

2007                       54          $214,729            $121.01       115

2008                       40          $176,049            $98.89        142

 

Byron Center Schools

2007                       38          $192,518           $126.04       115

2008                      38          $191,797            $121.06        97

 

                                                         

                                                                                        grand rapids mi skyline 2006

 

  NOW, WHAT DOES THIS ALL MEAN FOR GRAND RAPIDS HOMES?

On average the same 1800 square foot home is selling for $26,595 less

this year over last year. From other analysis I have done, most of the

price reductions have been from the foreclosure market.

In fact, if you take the foreclosures and short sales out of the mix, the

average price in the area has actually gone up $2,000 since last year.

Days on the market have fallen by 2 days and number of units

for sale has risen just over 200 units, to 10,301 as of 3/31/2008.

I see the market remaining similar without much change for the rest

of this year. Until we get rid of the foreclosure homes, we will not see

 the typical home value gains we have had in past years.

This Market is a Buyers Marketif you are willing to take on a foreclosure

 and all it's issues, you can get a great deal or a so-so deal. 

I predict the reductions in Grand Rapids home pricing are nearing

an end and we will see not only Grand Rapids home prices rising

soon but interest rates also.

 

If you are a buyer "NOW IS THE TIME" to BUY to secure the

 "low interest rates & low price" combination.

 

  Copyright by Terry Westbrook 2008

   Search Grand Rapids Homes for Sale  

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    Email:  terry@TerryWestbrook.com

  Westbrook Realty 

photo by Terry Westbrook

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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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Comment balloon 6 commentsTerry & Bonnie Westbrook • April 27 2008 06:23PM

Comments

Hey, you're psychic.  According to our favorite mortgage guy, interest rates HAVE gone up.
Posted by Karen Webster...Grand Rapids, MI Realtor (5 Star Real Estate, Grand Rapids MI) over 12 years ago
Karen: Regardless of the market conditions as activity increases the rates have a tendency to rise. For every 1/4% in interest rate increase is the same as a 5,000 price increase.
Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 12 years ago
Excellent analysis Terry.  The drop in prices for Grand Rapids, East Grand Rapids & Caledonia is noteworthy!  I was struck by the fact that not every area has been affected and in fact Forest Hills has increased.  I'd agree with you that this Buyer's Market may be nearing a bottom.  We're seeing several homes with mutliple offer situations when they are priced right.  Karen's point about the mortgage rates is important too.
Posted by Lola Audu, Audu Real Estate~Grand Rapids, MI ~Welcome Home! (Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate) over 12 years ago
Lola: We need to see a few buyers lose homes to low offers and they will realize the time for getting a great deal is nearing an end. Even though Forest Hills did have an average price increase the cost per square foot did drop a small amount.
Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 12 years ago

Excellent report and so true!

Now is the time to buy, per the low rates and the low purchase prices! 

Posted by Kirk Westervelt, Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonville, SC (Van West Realty - Greenville, SC Realtor -Short Sale Expert!) over 12 years ago
Kirk: Looks like rates are starting to tick up what are they waiting for?
Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 12 years ago

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