Forest Hills Michigan Absorption Report ~ Dec 19, 2008

Forest Hills Real Estate Market Report

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.

 

Grand Rapids Ada Real Estate  Five Star Real Estate LLC

Copyright 2008  All rights reserved

Photo of Forest Hills Eastern High School by Bonnie Westbrook

 

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