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:
- Days on the market.
- Average sales Price.
- Units sold.
- Cost Per Square Foot (Main floor square footage only)
- 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
2007 108 $208,163 $126.05 113
2008 92 $199,663 $118,87 127
2007 113 $146,792 $105.37 113
2008 116 $137,634 $90.96 116
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
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 Market - if 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
Contact me: 1-888-240-1968 x 0 toll free
Website: Terry Westbrook.com
photo by Terry Westbrook
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!
Contact Terry 616-292-7263