Grand Rapids Michigan Real Estate Blog

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Forest Hills MI Absorption Report ~ Dec 18, 2008

Forest Hills is actually a school district in Ada Cascade MI. This market

 is always active. These Grand Rapids suburban communities have wonderful

neighborhoods, some new and some older with prestigious Forest Hills Public

 Schools, and private schools, such as Ada Christian that attract many

homeowners. 

 This report will cover the Sept 1 to Dec. 18, 2008 real estate market activity.

 

Forest Hills Eastern High school Ada Township MI

 

             Forest Hills MI Listings over $300,000

The absorption rate for Forest Hills MI is 14.95 months, which means if no

new listings come on the market, it will take 14.95 months to sell the existing

homes at the current rate of sale.

There are 228 Active Forest Hills Listings in the over $300,000 category with

an average price of $667,231.  The Active Listings have been on the market

for an Average of 158 Days.  The Average price per square foot of Active

Listings is $205.66 with a low price of $300,000 & a high price of $2,700,000.

 

There have been 68 Sold Forest Hills Listings in the over $300,000 category

with an Average price of $475,118.  The Average Sold price per square foot is

$ 161.62 with Average Days on the Market at 122. The lowest sold price is

 $319,000 & the highest sold price is $785,000.  There are 24 Pending

Forest Hills Listings in this category.

 

 

             Forest Hills Listings  $100,000 to $300,000

The Absorption rate for Forest Hills homes in this price range is 8.1

months, which means that if no new homes enter the market, at the

current rate of sales, it will take 10.9 months to sell all current inventory.

 

There are 202 Forest Hills Active Listings in Ada -Cascade with an Average

 Price of  $209,692.  The Average Active Price per Sq Ft is $120.82 and the

Average Active Days on the Market are 115.  The High Active Price is

$300,000 and the Low Active Price is $109,900.

 

There have been 74 Sold Forest Hills Listings in the last 4 months.  The

Average Sold Price is $194,174 with the Average Sold Price per square foot

at $106.64.  Average Sold Days on the Market is 121 Days.  The high Sold

 price is $299,900 & the low sold price is $104,500.  There are 25 Pending

Sales in this category.

 

Market Synopsis: Although the absorption rate is one of the lowest in the area,

for the under 300K homes, there seems to be a disconnect between sellers and

buyers price expectations.

 Average list price has risen, while average sold price has lowered in this price

 category.  If you have your home listed, you just might  be chasing the market

down.  This is not an effective way to market and sell your home.

Average Sold prices for the over 300K price group has fallen about $20K since

 last month.

If you find yourself in this category, you will need to price your home for the

 buyers market we are currently in. Overpricing the market is a huge mistake.

If you don't need to sell, please consider taking your home off the market,

now  is not the time to test the waters.

 

Ada Cascade Market Report October 2008

Ada Cascade Market Report Sept 2008

 

If you would like specific information about an Ada Cascade or

Forest Hills MI Home, please contact me directly.

 

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Grand Rapids Ada Real Estate  Westbrook Realty

Copyright 2008  All rights reserved

Photo of Forest Hills Eastern High School by Bonnie 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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Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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Comment balloon 0 commentsTerry & Bonnie Westbrook • December 19 2008 03:00PM

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