Kentwood Michigan Real Estate Market Report ~ May 2009

Kentwood Michigan is a large suburb of Grand Rapids with a population

under 50,000. It has manufacturing, shopping centers, and lots and lots

of residential housing. Kentwood Public Schools are one of the largest

school systems in the area with over 9000 students and 16 buildings

within a 24.25 square mile area.

Kentwood home sales are still on a general downward trend

in price. Over 1/3 of Kentwood Homes Equity has dissolved in

the last 3 years, according to the current stats.

We are still seeing a small price erosion from last month’s figures,

again this month, though the spring activity is high.  Foreclosures are

still affecting the average market price here as Grand Rapids has seen

jobs disappear.

The homes under $ 150K in Kentwood are seeing 5-6 times the

sales of the homes over $150K.  The homes over $150K may be

priced too high for today’s timid buyers (many of them think prices

will erode still further) or it could be condition.  Your list price has to

be close to the sale price or your home just doesn’t get serious

buyer activity.  And if you still have the light blue carpeting,

you will need to upgrade or lower your price if you want to see a

sold sign this year.

In 2006, Kentwood has 495 home sales:avg sold price:$159,788

In 2007, Kentwood had 434 homes sales: avg sold price:$151,009

In 2008, Kentwood had 722 home sales:avg sold price: $115,127

In 2009, Kentwood has had 335 home sales: avg sold price:$97,340

 

Home sales for Kentwood – $70,000 to $149,999 price range:

142 Active Listings with Avg price $ 126,875

77 sold since January 2009

38 Pending sales

Avg sold price $70K-150K  $110,473

Avg Days on Market – 88

 

Home sales for Kentwood – $150,000 to $400,000 price range:

86 Active Listings with avg price of $ 182,999

12 sold since January 2009

6 Pending Sales

Avg sold price $151K-400K  $176,707

Avg Days on Market – 129

50 Expired Listings with Avg DOM of 129 days

 

Kentwood Absorption Rate for this price range is 8.5 months,

at the current rate of sale (which means if no new listings come

on the market, it will take 8.5 months to sell the active listed

homes). This is down from last month, which is good news.

 

Real Estate is always hyper-local. If you have questions about

a specific Kentwood home, please contact me:

phone: 1-888-240-1968 ext 0

or email: Terry@terrywestbrook.com

Grand Rapids Real Estate ~ Westbrook Realty

Copyright 2009 All rights reserved