Grand Rapids Michigan Real Estate Blog

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Grand Rapids Mi Real Estate Market Report ~ The Good News & The Bad News for 2008

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.

 

  Grand Rapids 2008 real estate market stats

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!

search for Grand Rapids homes Find Grand Rapids Home Value Grand Rapids Relocation Guide

Westbrook Realty Grand Rapids MI Real Estate

                          Contact Terry   616-292-7263

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Comment balloon 9 commentsTerry & Bonnie Westbrook • January 05 2009 06:14PM

Comments

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???

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) about 12 years ago

Margaret: I have heard that Detroit is significantly harder hit. We have seen a bit more activity recently. Hopefully the worst is behind us.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) about 12 years ago

Terry - Chock full of useful information, layed out in a way that makes sense and is eye-pleasing. Great post.

Posted by Tom Plant (WINEormous.com) about 12 years ago

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!

Posted by Eric Webster, Grand Rapids, MI, Five Star Realty (Five Star Real Estate) about 12 years ago

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.

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) about 12 years ago

Eric: I have had quite a few  calls already this year I am hopeful it is going in the right direction.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) about 12 years ago

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.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) about 12 years ago

I really like the way you've taken the time to analyze the info and not just posted stats, Terry.

Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) about 12 years ago

Margaret: Most people want some rational on the numbers I hope this make some sense to them.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) about 12 years ago

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