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 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.
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Photo of Forest Hills Eastern High School by Bonnie Westbrook
;)
;)
