Grand Rapids is a large geographic real estate market. The city of Grand
Rapids proper is one market, and the outlying suburbs usually have a
different sales ratio than the city of Grand Rapids does. And these different
suburbs were all over the board in 2008. There were a lot of homes that lost
value and there were a few bright spots where sales were almost up to the
average. This is really better done, neighborhood by neighborhood, but this
report will give you the "BIG PICTURE" for the Greater Grand Rapids area
real estate market for 2008.
As you can see, the average home sale lost almost 17% of its value
compared to 2007 totals. This is good news compared to the 2008 stock
market (losses are reported at 40%+) but bad news if you owed more on
your home than it would sell for.
The majority of sales for Grand Rapids were in the under $160,000
category. Homes worth more were still selling, they just sold at a slower
rate because there were fewer buyers for this price range. The majority
of buyers were bargain hunters last year.
There were only 3 townships in Kent County that showed any growth in sales
last year.
Alpine Township was up 3%, Ada Township was up 1%, and Grand Rapids
Township was 0%, which I rate as a plus in this market.
If you have questions about your Grand Rapids home value, contact me
directly.
If you would like to receive free Grand Rapids Market Reports in your
inbox, please let me know by email.
Grand Rapids Ada Real Estate ~ Westbrook Realty
Copyright 2009 All rights reserved
*All statistics come from the GRAR MLS Service, which is deemed to be
reliable but not guaranteed. Homes not listed on the MLS would not be
included in the above information.
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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!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263
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Down is clearly the theme here, but it's not as bad as I might have expected for Mchigan. I guess Detroit is probably even worse???
Margaret: I have heard that Detroit is significantly harder hit. We have seen a bit more activity recently. Hopefully the worst is behind us.
Terry - Chock full of useful information, layed out in a way that makes sense and is eye-pleasing. Great post.
Good information. It does seem like there's a bit more movement right now. Maybe the optimism of a new year will help some people hop off the fence and get in the game. Here's to it!
Hi Terry: So do you run into those buyers who then try to discount 16% from the list price on their offers? I don't believe that people truly understand what declining prices mean, much less the difference between median and average prices.
Eric: I have had quite a few calls already this year I am hopeful it is going in the right direction.
Elizabeth: I have had a few buyers miss out on homes recently because they tried to go too low and someone else got the home.
I really like the way you've taken the time to analyze the info and not just posted stats, Terry.
Margaret: Most people want some rational on the numbers I hope this make some sense to them.