Kentwood Michigan Real Estate Market Report April – June 2010

Kentwood Michigan Real Estate Market Report April- June 2010

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 high school kentwood mi

Foreclosures and short sales are still affecting the average

market price here as Grand Rapids has seen high unemployment.

The homes under $150K in Kentwood are about 90% of the

overall sales.  The homes over $150K are selling but at a slower rate.

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

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

In 2009, Kentwood has had 448 home sales: average sold price:$ 100,561

Home sales for Kentwood – Up to $150,000:

Active Listings 114

Average list price $111,707

Pending Sales  18

Sold    323

Average Sold Price $95,550

Kentwood Absorption Rate for this price range is  1 month,

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

on the market, it will take 1 month to sell the active listed

homes). This is a phenomenal rate for the Grand Rapids area and

shows that Kentwood is a popular and affordable city to live in.

This figure has probably been affected by the Homeowner Tax

Credit that expired on April 30, 2010.  I wouldn’t expect this rate

to hold up for the 3rd quarter of 2010.

Home sales for Kentwood – $150,001 & UP:

Active Listings  40

Average list price  $ 190,426

Pending Sales  6

Sold  Listings  15

Average sold price  $177,286

Kentwood Absorption Rate for this price range is 5.7 months,

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

on the market, it will take 5.7 months to sell the active listed

homes.

Kentwood Michigan Real Estate Information

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

a specific Kentwood home, please contact me.

Copyright 2010 All rights reserved

Photo of Kentwood High School by Bonnie Westbrook

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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. 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!

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Real Estate Absorption Report Kentwood Michigan April 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 high school kentwood mi

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 teeny price erosion from last month’s figures,

again this month.

The homes under $ 150K in Kentwood are seeing the 4-5 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 gold shag 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 233 home sales: avg sold price:$92,789

 

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

141 Active Listings with Avg price $ 126,911.

116 sold since September  2008

40 Pending since last month

Avg sold price $70K-150K  $112,369

Avg Days on Market – 103

 

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

94 Active Listings with avg price of $ 184,422

27 sold since September 2008

5 Pending Sales

Avg sold price $151K-400K  $182,374

Avg Days on Market – 115

111 Expired Listings with Avg DOM of 181 days

 

Kentwood Absorption Rate for this price range is 10 months,

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

on the market, it will take 10 months to sell the active listed

homes).

 

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 Ada Real Estate ~ Westbrook Realty

Copyright 2009 All rights reserved