Foreclosures and Short Sales Affecting Grand Rapids Housing Market

Posted on February 7, 2010 by Terry & Bonnie

Foreclosures and Short Sales Affecting Grand Rapids Housing Market

We have been tracking the activity on Short Sales and Foreclosures

of our local Grand Rapids market for some time. They have become

a large share of our housing market here in West Michigan and sellers

must understand the fact that they have to compete with this segment

of the market and will for the next few years.

Experts in the financial markets have written extensively about the

increase in foreclosures, last month figures were estimated to be 3

million or more homes that are facing foreclosure in U.S. in the next

6-12 months.

1) What are buyers looking for when they search for a home?

Selection search Criteria Grand Rapids MI

As you can see from the graph above, this is the order of importance buyers

put in their home searches:

Square Footage
Bedrooms
Baths
Price

Price is number 4 behind Square Footage, Bedrooms, and Baths. So, will a

buyer always go for the distressed sale home over the traditional sale?

Apparently not. We hear from our buyer clients over and over that they

DO NOT WANT TO DO REPAIRS or UPDATING. They want to purchase a

home and get on with their life – not devote 6 months to 12 months of their

spare time and money on painting, repairs and updating.

BUT Price is the ultimate point of competition.

Price is the only thing left when you have 30 similar homes on the market

competing for the same buyers. Supply and Demand will continue to rule

the real estate housing market in the foreseeable future.

_____________________________________________________________________________________________________

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. Grand Rapids Michigan is a vibrant, growing metropolitan

area with a diverse business community, great medical research & services,

numerous universities,plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry 616-292-7263

Grand Rapids Michigan Real Estate Market Report by School District Jan-Dec 2007-9

Posted on December 31, 2009 by Terry & Bonnie

Grand Rapids Michigan Real Estate Market Report by School District Jan 2007-2009

Real Estate is always local. Grand Rapids is such a large metropolitan

area, the real estate market report for the whole area is not necessarily

indicative of what is going on in your neighborhood. It lets you know

how we are doing as a whole, but it certainly doesn’t tell you what your

neighbor just got for his home or what the market prices are in your

neighborhood.

We have split the Grand Rapids area up by public school district,

to give a logical approach to this report. This is a macro neighborhood

report, not a micro report. Bear in mind, these are average sold prices for

large areas, not specific neighborhoods. But we hope it gives you a good idea

of where home prices are in your general area within the greater Grand Rapids

market.

Belding

2009 – $ 55,110

2008 – $ 71,758

2007 – $ 100,416

Byron Center

2009 – $ 160,220

2008 – $ 185,707

2007 – $ 200,766

Caledonia

2009 – $ 153,360

2008 – $ 163,983

2007 – $ 191,724

Cedar Springs

2009 $ 85,493

2008 – $ 99,170

2007 – $128,705

Comstock Park

2009 – $ 112,010

2008 – $114,348

2007 – $138,251

East Grand Rapids

2009- $ 230,518

2008 – $ 224,625

2007 – $279,909

Forest Hills

2009 – $ 224,558

2008 – $ 272,793

2007 – $ 267,817

Godfrey-Lee

2009 – $ 33,834

2008 – $ 41,515

2007 – $ 71,748

Godwin Heights

2009 – $ 42,149

2008 – $ 53,574

2007 – $ 91,708

Grand Rapids

2009 – $ 58,936

2008 – $ 65,803

2007 – $ 99,233

Grandville

2009 – $ 135,538

2008 – $ 144,222

2007 – $ 162,095

Jenison

2009 – $ 123,639

2008 – $ 131,184

2007 – $ 139,372

Kellogsville

2009 – $ 57,135

2008 – $ 70,897

2007 – $ 93,322

Kenowa Hills

2009 – $ 116,917

2008 – $ 124,367

2007 – $ 151,869

Kentwood

2009 – $ 100,561

2008 – $ 114,940

2007 – $ 141,804

Lowell

2009 – $ 127,542

2008 – $ 135,123

2007 – $ 164,888

Northview

2009 – $ 116,275

2008 – $ 148,128

2007 – $ 160,557

Rockford

2009 – $ 157,624

2008 – $ 176,048

2007 – $ 198,416

Wyoming

2009 – $ 67,784

2008 – $ 82,756

2007 – $109,009

After doing this report, we can certainly see why Grand Rapids

is one of the TOP 5 best places in the country to buy a home

at a reasonable price.

photo of Grand Rapids Children’s Museum by Bonnie Westbrook

_____________________________________________________________________________

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. Grand Rapids Michigan is a vibrant, growing metropolitan

area with a diverse business community, great medical research & services,

numerous universities, plus lively arts and entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry 616-292-7263

OUR FLICKR PHOTOSTREAM

Forest Hills Michigan Neighborhood Real Estate Market Report – Adatowne – Jan-Dec 2009

Posted on December 14, 2009 by Terry & Bonnie

Forest Hills Michigan Neighborhood Real Estate Market Report Adatowne Jan-Dec 2009

Adatowne is a popular entry level home market in the Ada area of

the Greater Grand Rapids metropolitan area.

Part of the appeal is the proximity of Ada Elementary, Forest Hills

Central Middle and High Schools, Ada Christian Schools, St Roberts

School and being close to the village of Ada. Adatowne is an

established subdivision, started in the early 1970’s by E.L. Ladd

Builders of Ada.

I have held many open houses in these plats and sold many of

the homes as new construction – to be built.

If you doubt the power of your home as an investment, a basic

ranch in Adatowne (about 1000 sq ft) sold for $ 19,900 in 1975.

Ada Drive Ada Michigan

Adatowne Residential Neighborhood in Ada, Michigan

Jan- December 2009 Real Estate Market Report

7 Sold, 0 Pending, 2 For Sale, 3 Expired

Adatowne Active Listings: 2

Adatowne Average Active price – $132,450

Adatowne Active average price/SqFt – $87.71

Adatowne Active average days on market – 111

Adatowne Pending: 0

Adatowne Sold Listings: 7

Adatowne Average Sold Price – $ 134,400

Adatowne Average sold price/SqFt – $90.01

Adatowne Average Sold days on market –100

MARKET SYNOPSIS: Absorption Rate for Adatowne is 3.44 months,

which means it would take 3.44 months for the active listings to sell,

if no other homes entered the market, according to current sales

statistics. Price per square foot has went up for both sold

and active listings this year, though average sold price went down

by $30K. The market here was all over for price, topping at $133/SqFt

to a bargain $55 a sq ft. The larger homes brought the best price

per sq ft for sellers. Condition continues to be the difference

between getting the best price and selling at rock bottom.

Additional Ada Michigan Articles:

Ada Michigan Real Estate Reports

If you would like more information about Ada or Grand Rapids

Homes, please feel free to contact me directly.

Grand Rapids Ada MI Real Estate – Westbrook Realty

Photo of Ada MI by Bonnie Westbrook

_____________________________________________________________________________________________________

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. Grand Rapids Michigan is a vibrant, growing

metropolitan area with a diverse business community, great medical

research & services, numerous universities, plus lively arts and

entertainment of all kinds.

We believe: Grand Rapids is a Great Place to Live!

Westbrook Realty Grand Rapids MI Real Estate

Contact Terry 616-292-7263

OUR FLICKR PHOTOSTREAM

Forest Hills Michigan Real Estate Market Report ~ July 2009

Posted on August 11, 2009 by Terry & Bonnie

Forest Hills (Ada Cascade) MI Real Estate Absorption 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 Top Ranked

Forest Hills Public Schools, and private schools, such as Ada Christian

& St Roberts that attract many home owners.

This report will cover the April 1, 2009 to July 30, 2009 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 13.3 months, which means if no

new listings come on the market, it will take 13.3 months to sell the existing

$ 300K+ homes at the current rate of sale. This rate is down significantly

from last month, sold prices are inching upward. Inventory is down slightly,

but sales are holding fairly steady. Your Forest Hills home has a good chance

to sell if it is in good condition and priced correctly.

$300,000+ Homes

227 Active Forest Hills Listings

Average price of $626,539

Average price/square foot $202.82

Low price of $305,000

High price of $2,700,000.

Sold Forest Hills Listings 50

Average sold price $478,188

Average Sold price/sq ft $ 162.00

Lowest sold price $310,000

Highest sold price $1,100,000

Pending Listings 18

Forest Hills Active Listings $50,000 – $300,000

The Absorption rate for Forest Hills homes in this price range is 5.47

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

current rate of sales, it will take 5.47 months to sell all current inventory.

This is down from last month, but still within normal range.

Forest Hills Active Listings 230

Average Active Price $208,088

Average Active Price/SqFt $118.34

Average Active Days on the Market 105

High Active Price $300,000

Low Active Price $59,900

Sold Forest Hills Listings 119

Average Sold Price $195,384

Average Sold Price/sq ft $101.73

Average Sold Days on the Market 89 Days

High Sold Price $300,000

Low Sold price is $53,000

Pending Sales 49

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

the area, for the under 300K homes, this market area is finally seeing

some stabilization in market prices. With less active listings coming on

the market, competition will be tighter for Forest Hills buyers.

Forest Hills MI Top Best Buy Homes ~ July 2009

Forest Hills RE Market Reports 2009

Forest Hills Michigan Public Schools Update 2009

If you would like specific information about an Ada Cascade or

Forest Hills MI Homes, please contact me directly:

email: terry@terrywestbrook.com

ph. 1-888-240-1968 x 0

Grand Rapids Ada Real Estate ~ Westbrook Realty

Photo of Forest Hills Eastern High School by Bonnie Westbrook

Lowell Michigan Real Estate Market Report ~ July 2009

Posted on August 11, 2009 by Terry & Bonnie

Lowell Michigan Real Estate Absorption Report ~ July 2009

Lowell Michigan is located on the Flat River just east of Grand Rapids, MI.

It has really grown in the last 20 years, in many ways. Lowell has a great

school system, a thriving business community, a lively arts society, and

is one of the best kept secrets in Kent County.

These are the statistics for home sales in the Lowell School District.

Active Listings: 177 Active Listings

Average Price: $251,741

Price per Sq Ft: $129.65 (Main Floor only)

Average days on the Market: 180

PENDING: 32 homes

SOLD: 104 Sold Homes

Average Sold Price: $ 146,115

Average Sold Price Per Sq Ft: $ 88.18 (Main floor only)

Average Sold Days on the Market: 103

These stats are figured from Jan 1, 2009 to July 30, 2009

Absorption Rate for Lowell Listings is 9 months for the

current housing inventory. If no other homes enter the market, it

will take 9 months for the current homes to sell at the current

rate of sales. This figure is inching down each month and is

getting closer to the normal range of 6-8 months.

Lowell Homes that are priced competitively are selling.

As you can see by the statistics, the homes that have their price

per square foot under $90 are seeing the most activity. There are

quite a few foreclosure or short sale homes which are bringing

down the average sales price and square footage rates lower than

they might normally be, but average list price is up slightly

and average sold price is up a bit from last months stats.

Some sellers have retired from the market and will try again soon,

filling an already saturated market.

They might find a better buying market, but price is still king.

Today’s buyer is looking for a well priced bargain in great condition.

Lowell Michigan Real Estate Market Reports

Lowell Michigan Top Best Home Buys July 2009

Video Tour of Lowell Michigan

If you would like additional information about Lowell

Area Homes, please contact me through email or my web site.

Grand Rapids Ada Real Estate ~ Westbrook Realty

Caledonia Michigan Real Estate Report ~ July 2009

Posted on August 10, 2009 by Terry & Bonnie

Current Caledonia MI Absorption Report

Absorption rate for Caledonia MI Market is currently 8.6 months,

which means if no other homes come on the market, it will take

8.6 months for the current inventory to sell at the current

sales rate. This stat is one third less than last month’s figure.

We are seeing a definite upturn in sales in Caledonia homes and

sell times are returning to the normal range.

Ruehs Park Caledonia Michigan

There are 156 current active listings, from $39,000 to

$1,284,900 in Caledonia MI.

The current average Caledonia home listed price is much higher

[about $324,828] than the average sold price [$188,447].

25 Pending Home Sales, and 69 Sold Homes since Jan 1, 2009.

The average sold price/Square foot is $ 98.42

Sold High $875,000 Sold Low – $34,000

There are 6 homes in million dollar + range listed, so this skews the

figures somewhat in the upper brackets.

The Caledonia market is much brisker this month as buyers try to get

situated in their new homes before school starts. Newer and higher

end homes are selling, only 3 homes sold at $100,000 or under.

Average sold price per square foot rose again this month. There

are some excellent buys in Caledonia but they are

disappearing fast. Don’t wait until they are gone.

Caledonia May 2009 Real Estate Market Report

Caledonia April 2009 Real Estate Market Report

Caledonia March 2009 Absorption Report

Caledonia Michigan Video Tour

Caledonia MI Top Best Buy Homes June 2009

If you have any questions about Caledonia or Grand Rapids MI

homes,please contact me directly through my web site.

Grand Rapids Ada Real Estate ~ Westbrook Realty

Photo of Ruehs Park Caledonia Michigan by Bonnie Westbrook

Average Sale Price on the Rise in Grand Rapids Michigan Real Estate for June 2009

Posted on July 25, 2009 by Terry & Bonnie

Grand Rapids Market Report July 2009

The single family home sales continue to show signs of stabilization.

For the month of June, home sales were up 26.2% compared to

June 2008. Sales price of a single family home has seen an increase

in the average price for the third consecutive month to $119,923,

up from $97,073 in April 2009, but still down 12.5% ($130,220)

from last June, according to the figures prepared by the

Grand Rapids Association of REALTORS®. This is a 19.9% increase

in the home sale price from the beginning of 2009, where home

prices were an average of $95,010 for the month of January.

Greg Carlson, President of the Grand Rapids Association of REALTORS®,

commented on the overall condition of the real estate market in West

Michigan, "We’re seeing small improvements, consistent improvements,

in numerous areas of the market" said Greg.

"The average ‘days on market’ is going down, while the average

selling price, median sales price and the percentage of the listing

price compared to the sales price all continue to show improvement.

In some areas it is a seller’s market."

Julie Rietberg, CEO of the Association, commented on the numbers,

""Distressed properties continue to drag down the overall market,"

said Julie, "about half of all transactions are still distressed properties

and many are in pockets which really skew the numbers. But the

reality is houses are selling; I’ve heard reports from numerous

REALTORS receiving full price offers, and offers above list."

The number of total active residential listings remains virtually

unchanged from 9,131 in June compared to 9,104 in May. Sales

year-to-date for single-family homes was up 10.9% compared to

one year ago.

Total Home Sales up 26.2% From a Year Ago

Quoted from an article on GRAR

Westbrook Realty Grand Rapids Real Estate

photo of Grand Rapids Skyline by Bonnie Westbrook

East Grand Rapids Michigan Real Estate Market Report ~ June 2009

Posted on July 25, 2009 by Terry & Bonnie

East Grand Rapids

Units Sold June 2009

Sales Price Graph (Includes Sold Homes Only) Quick Sheet for June 2009

East Grand Rapids Sale July 2009

Units Sold

East Grand Rapids Units Sold July 2009

Active Listings in East Grand Rapids as of July 1, 2009

(Not all homes may be shown due to map scale)

East Grand Rapids Homes for sale Map July 2009

Median Sold Price $202,500

Average days on Market 66

Percent Sold/List 92.11%

Current Inventory 159

Months Inventory 8.3

Average $ per Sqft. $99.08

Information is deemed reliable but not guaranteed.

If you would like to view a listed East Grand Rapids home, please contact me

at 616-292-7263 or email me at Terry@TerryWestbrook.com

Westbrook Realty Grand Rapids Real Estate

Caledonia Michigan Crystal Springs Real Estate Market Report ~ June 2009

Posted on July 10, 2009 by Terry & Bonnie

Crystal Springs ~ Kentwood Absorption Report June 2009

Crystal Springs Development in Caledonia, Michigan is a large, residential

suburban housing development that was started in the late 1980’s and

most construction was finished in the 1990’s although some newer homes

have been built since 2000. There are also a few vacant lots left to develop.

This development covers a large area around the Stonewater Golf Course

at Crystal Springs south of 68th Street to 72nd Street and encompassing

Kalamazoo Avenue on the east and west. This development has single

family homes and condos, many located right on the Stonewater Golf Course.

The public school system is Kentwood, even though the address is Caledonia.

Crystal Springs is close to the shopping plaza at 68th and Kalamazoo,

Kentwood High School, and a short hop to M-6, which is the south beltline for

the Greater Grand Rapids area connecting US 131 on the west and I96 on the

east side of the city.

Kentwood high school kentwood mi

June 2009 Real Estate

Residential Market Report

Crystal Springs Neighborhood

Active Listings: 28 Active Listings

Average Price: $267,893

Price per Sq Ft: $112.54 (Main Floor only)

Average days on the Market: 140

PENDING: 8 homes

SOLD: 13 Sold Homes

Average Price: $ 205,731

Average Price Per Sq Ft: $ 92.05 (Main floor only)

Average Days on the Market: 100

Absorption Rate for Crystal Springs Listings is 8 months for the

current housing inventory. If no other homes enter the market, it

will take 8 months for the current homes to sell at the current

rate of sales.

Crystal Springs Homes that are priced competitively are selling.

As you can see by the statistics, the homes that have their price

per square foot under $100 are selling in about 3 months.

Many sellers have retired from the market and will try again in

the spring. They might find a better buying market, but prices are

still on the downward trend. With lower interest rates, this may

spur the local economy and put more buyers into the game.

Watermark CC purchases Crystal Springs GC

Crystal Springs GC has a new look & a new name

Caledonia MI June 2009 Real Estate Market Report

Top Best Buys Caledonia Michigan June 2009

Video Tour of Caledonia Michigan

If you would like additional information about Caledonia

or Kentwood Homes, please contact me directly at

1-888-240-1968 ext 0

Grand Rapids Ada Real Estate ~ Westbrook Realty

photo of Kentwood High School Football Stadium by Bonnie Westbrook

Lowell Michigan Real Estate Market Report ~ June 2009

Posted on July 9, 2009 by Terry & Bonnie

Lowell Michigan Real Estate Absorption Report ~ June 2009

Lowell Michigan is located on the Flat River just east of Grand Rapids, MI.

It has really grown in the last 20 years, in many ways. Lowell has a great

school system, a thriving business community, a lively arts society, and

is one of the best kept secrets in Kent County.

These are the statistics for home sales in the Lowell School District.

Active Listings: 190 Active Listings

Average Price: $252,024

Price per Sq Ft: $129.48 (Main Floor only)

Average days on the Market: 169

PENDING: 31 homes

SOLD: 80 Sold Homes

Average Sold Price: $ 145,964

Average Sold Price Per Sq Ft: $ 86.91 (Main floor only)

Average Sold Days on the Market: 102

These stats are figured from Jan 1, 2009 to June 30, 2009

Absorption Rate for Lowell Listings is 10.2 months for the

current housing inventory. If no other homes enter the market, it

will take 10.2 months for the current homes to sell at the current

rate of sales. This is getting closer to the normal range of 6-8 months.

Lowell Homes that are priced competitively are selling.

As you can see by the statistics, the homes that have their price

per square foot under $90 are seeing the most activity. There are

quite a few foreclosure or short sale homes which are bringing

down the average sales price and square footage rates lower than

they might normally be, but average list price is down slightly

and average sold price is up from last months stats.

Some sellers have retired from the market and will try again soon,

filling an already saturated market.

They might find a better buying market, but price is still king.

Today’s buyer is looking for a well priced bargain in great condition.

Lowell Michigan Real Estate Market Report May 2009

Lowell Michigan Top Best Buys June 2009

Lowell Michigan Real Estate Market Report April 2009

Lowell Michigan Real Estate Market Report March 2009

Video Tour of Lowell Michigan

If you would like additional information about Lowell

Area Homes, please contact me through email or my web site.

Grand Rapids Ada Real Estate ~ Westbrook Realty

Grand Rapids Real Estate

Grand Rapids Real Estate Information

Tag Archives: Greater Grand Rapids MI Real Estate Market Reports

Foreclosures and Short Sales Affecting Grand Rapids Housing Market

Foreclosures and Short Sales Affecting Grand Rapids Housing Market

Grand Rapids Michigan Real Estate Market Report by School District Jan-Dec 2007-9

Grand Rapids Michigan Real Estate Market Report by School District Jan 2007-2009

Forest Hills Michigan Neighborhood Real Estate Market Report – Adatowne – Jan-Dec 2009

Forest Hills Michigan Neighborhood Real Estate Market Report Adatowne Jan-Dec 2009

Forest Hills Michigan Real Estate Market Report ~ July 2009

Lowell Michigan Real Estate Market Report ~ July 2009

Caledonia Michigan Real Estate Report ~ July 2009

Average Sale Price on the Rise in Grand Rapids Michigan Real Estate for June 2009

East Grand Rapids Michigan Real Estate Market Report ~ June 2009

Caledonia Michigan Crystal Springs Real Estate Market Report ~ June 2009

Lowell Michigan Real Estate Market Report ~ June 2009