East Grand Rapids Michigan Real Estate Market Report Jan- March 2010

Current Real Estate Market Report For East Grand Rapids Michigan

East Grand Rapids MI Public Library

Absorption rate for East Grand Rapids MI housing market is currently

at 8 months, which means if no new listings come on the

East Grand Rapids market, it will take 8 months for the existing

home inventory to sell.

There are 157 active listings on the East Grand Rapids market,

typically a larger inventory in the spring ranging from

$74,999 to $2,995,000.

30 Pending Home Sales

28 Sold Homes with sold prices ranging from $ 63,000 to $ 599,000

for the first quarter of 2010 in East Grand Rapids housing inventory.

East Grand Rapids Homes up to $200,000

Active Listings – 48

Pending – 13

Sold – 16

Avg Sold Price – $158,230

Avg List Price – $158,696

East Grand Rapids Homes $200,000 to $300,000

Active Listings – 40

Pending – 10

Sold – 6

Avg Sold Price – $ 243,583

Avg. List Price – $249,530

East Grand Rapids Homes $ 300,001 to $450,000

Active Listings – 44

Pending – 5

Sold – 4

Avg Sold Price – $ 352,625

Avg List Price – $ 390,873

East Grand Rapids Homes $ 450,001 ++

Active Listings – 25

Pending – 2

Sold – 2

Avg Sold Price – $ 567,000

Avg List Price – $ 852,228

The lower end of this market (under $300K) is the busy end

of the sales in the first quarter. With the current lowest list price

at $ 74,999, it looks like the bargain basement days in EGR housing

are over. Homes in the higher prices are selling, but at a

slower rate. We are still seeing sold price erosion in the homes priced

over $200,000.

The Absorption rate is over the normal range for East Grand Rapids

homes by 2 months. This shows an uptick in inventory and no uptick

in sales to match.

East Grand Rapids Real Estate Market Reports

East Grand Rapids Michigan ~ America’s Hometown

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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!