WEST MICHIGAN
GRATIOT | IONIA | KENT | MONTCALM
MARKET REPORT 2022 | Fourth QUARTER
TABLE OF CONTENTS
#9
INDIVIDUAL CITY REPORTS INDIVIDUAL CITY REPORTS INDIVIDUAL CITY REPORTS
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INDIVIDUAL CITY REPORTS -
IONIA COUNTY KENT COUNTY
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SOURCES #25
MICHIGAN MARKET REPORT
Michigan’s housing market is starting to slow down after a successful Q4 Homes are staying on the market significantly longer due to winter setting in and Michigan is seeing a lack of homes being sold as a result Many experts are predicting this year may see a transition to a buyer's market Sources reported a 35 1% decrease in sales in comparison to 2021. Prices are rising, but at a much lower rate when compared to the previous yearover-year rates. The increase was reported to be less than 2%. Interest rates have decreased each week, however, settling at 6.33% on Jan. 12, according to MLive. Many are predicting that less homes will be sold in 2023 overall. Despite predictions of a weaker Q1 2023, Grand Rapids was No.7 in a recent top ten list of markets positioned for growth in price and sales.
Winter has certainly taken a toll on Southeast Michigan, with less home sales filling out the rest of the year as previously predicted However, there was little change in the year-to-year median sales price at $230,000 As seen in many parts of the state, homes are taking much longer to sell The City of Detroit was recently voted one of the most affordable places to live for first time buyers, further proving the theory that this coming year may be a buyer's market. Macomb also saw an increase in new listings, but longer DOM periods, jumping up to 18 days on the market, versus Q4 2021's previous 9.
Throughout Michigan’s Southwest region, housing inventory saw a small increase in new listings, while prices for available homes showed slight, but significant increases over the preceding quarter Currently, the median sale price of a home in Grand Rapids increased 11 0% from last year, at $250,000 Additionally, most homes in the area were on the market for 9 days, a 50% increase from the 6 in Q4 2021 In Kent, homes have sold for 20% more than they did a year ago, reaching $290,000 on average
The Greater Lansing housing market was somewhat competitive in Q4, but the slowdowns affecting Michigan also showed up in the Lansing area. Homes sold at an average of 41 days, which is slightly higher than 2021's year-to-year comparison. The current median home price in Ingham County is $166,000, up 9.9% year-overyear. Ingham saw a large drop in homes sold during November and December, December showing a 32.5% decrease in total homes sold
With Q4 ending and a new year beginning, what we’re really seeing now are longer DOM periods, relaxed interest rate rises, and a shift to a buyer's market. Though existing homes are staying on the market longer, we are also seeing an increase in new inventory as the season continues, which is predicted to aid in balancing buyers and sellers. As we enter the new year, it should provide some breathing room during what is typically the best time to buy a home, providing opportunities for agents to take advantage of the year's slow start and revitalize their brands and selling methods after a semi-successful, but slowing, fourth quarter.
LISTING INVENTORY AND NUMBER OF SALES Q4 2022 | Single Family -0.65% 3.26% -31.58% -12.50% 14.80% 16.32% 7.14% -14.29% 11.19% PROPERTIES SOLD SINGLE FAMILY LIST/SELL PRICE RATIO SINGLE FAMILY NEW LISTINGS SINGLE FAMILY AVERAGE LIST PRICE SINGLE FAMILY AVERAGE SOLD PRICE SINGLE FAMILY AVERAGE DAYS ON MARKET SINGLE FAMILY MEDIAN SOLD PRICE SINGLE FAMILY MEDIAN LIST PRICE SINGLE FAMILY MEDIAN DAYS ON MARKET SINGLE FAMILY Quarterly inventory of properties for sale along with number of sales
MEDIAN SALES PRICE AND NUMBER OF SALES
Q4 2022 | Single Family
Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.
Number of Sales | Number of properties sold.
AVERAGE
SALES
Q4 2022 | Single Family
PRICE
AND AVERAGE DAYS ON MARKET
Average Sales Price | Average sales price for all properties sold.
Average Days on Market | Average days on market for all properties sold.
SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM
Q4 2022 | Single Family
Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.
AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE
Q4 2022 | Single Family
Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.
PROPERTIES FOR SALE AND SOLD PROPERTIES
Q4 2022 | Single Family
Properties for Sale | Number of properties listed for sale at the end of quarter.
Sold Properties | Number of properties sold.
MONTHS SUPPLY OF INVENTORY
Q4 2022 | Single Family
Months Supply of Inventory | Properties for sale divided by number of properties sold.
Units Listed | Number of properties listed for sale at the end of month.
Units Sold | Number of properties sold.
ALMA (MI) ITHACA (MI) ST LOUIS (MI)
Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD.
QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.
LISTING INVENTORY AND NUMBER OF SALES Q4 2022 | Single Family -1.29% -23.20% -22.03% 6.39% 7.99% 65.00% 5.56% 2.83% 112.50% PROPERTIES SOLD SINGLE FAMILY LIST/SELL PRICE RATIO SINGLE FAMILY NEW LISTINGS SINGLE FAMILY AVERAGE LIST PRICE SINGLE FAMILY AVERAGE SOLD PRICE SINGLE FAMILY AVERAGE DAYS ON MARKET SINGLE FAMILY MEDIAN SOLD PRICE SINGLE FAMILY MEDIAN LIST PRICE SINGLE FAMILY MEDIAN DAYS ON MARKET SINGLE FAMILY Quarterly inventory of properties for sale along with number of sales
MEDIAN SALES PRICE AND NUMBER OF SALES
Q4 2022 | Single Family
Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.
Number of Sales | Number of properties sold.
AVERAGE
SALES
Q4 2022 | Single Family
PRICE
AND AVERAGE DAYS ON MARKET
Average Sales Price | Average sales price for all properties sold.
Average Days on Market | Average days on market for all properties sold.
SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM
Q4 2022 | Single Family
Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.
AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE
Q4 2022 | Single Family
Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.
PROPERTIES FOR SALE AND SOLD PROPERTIES
Q4 2022 | Single Family
Properties for Sale | Number of properties listed for sale at the end of quarter.
Sold Properties | Number of properties sold.
MONTHS SUPPLY OF INVENTORY
Q4 2022 | Single Family
Months Supply of Inventory | Properties for sale divided by number of properties sold.
Units Listed | Number of properties listed for sale at the end of month.
Units Sold | Number of properties sold.
BELDING (MI)
Monthly Report Quarterly Report
CLARKSVILLE (MI) IONIA (MI)
LAKE ODESSA (MI) PORTLAND (MI)
Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
SARANAC (MI)
MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.
LISTING INVENTORY AND NUMBER OF SALES Q4 2022 | Single Family -3.04% -30.81% -19.91% 10.28% 13.37% 42.86% 7.69% 11.96% 50.00% PROPERTIES SOLD SINGLE FAMILY LIST/SELL PRICE RATIO SINGLE FAMILY NEW LISTINGS SINGLE FAMILY AVERAGE LIST PRICE SINGLE FAMILY AVERAGE SOLD PRICE SINGLE FAMILY AVERAGE DAYS ON MARKET SINGLE FAMILY MEDIAN SOLD PRICE SINGLE FAMILY MEDIAN LIST PRICE SINGLE FAMILY MEDIAN DAYS ON MARKET SINGLE FAMILY Quarterly inventory of properties for sale along with number of sales
MEDIAN SALES PRICE AND NUMBER OF SALES
Q4 2022 | Single Family
Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.
Number of Sales | Number of properties sold.
AVERAGE
SALES
Q4 2022 | Single Family
PRICE
AND AVERAGE DAYS ON MARKET
Average Sales Price | Average sales price for all properties sold.
Average Days on Market | Average days on market for all properties sold.
SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM
Q4 2022 | Single Family
Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.
AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE
Q4 2022 | Single Family
Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.
PROPERTIES FOR SALE AND SOLD PROPERTIES
Q4 2022 | Single Family
Properties for Sale | Number of properties listed for sale at the end of quarter.
Sold Properties | Number of properties sold.
MONTHS SUPPLY OF INVENTORY
Q4 2022 | Single Family
Months Supply of Inventory | Properties for sale divided by number of properties sold.
Units Listed | Number of properties listed for sale at the end of month.
Units Sold | Number of properties sold.
Monthly
CALEDONIA TWP
CANNON TWP
BELMONT
CALEDONIA (MI) ALGOMA TWP (MI) CASCADE TWP (MI)
COURTLAND TWP
Report Quarterly Report
Report Quarterly Report
Quarterly
Quarterly
Quarterly Report
Report
Report
ADA (MI) ALPINE TWP (MI) BYRON CENTER (MI) CEDAR SPRINGS (MI)
(MI) EAST GRAND RAPIDS (MI) ALTO (MI) GOWEN (MI) ADA TWP (MI) BYRON TWP (MI)
(MI) COMSTOCK PARK (MI)
(MI)
GRAND RAPIDS (MI)
(MI) Monthly
Monthly
Monthly Report
Report Monthly Report
Report Monthly Report
Monthly
Quarterly
Quarterly
Monthly Report
Report Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report Monthly Report Quarterly Report
Monthly Report Quarterly Report Monthly Report Quarterly Report
MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.
GRAND RAPIDS TWP (MI)
Monthly Report Quarterly Report
GRANDVILLE (MI)
Monthly Report Quarterly Report
LOWELL (MI)
Monthly Report Quarterly Report
PLAINFIELD TWP (MI)
Monthly Report Quarterly Report
KENT CITY (MI) SOLON TWP (MI)
Monthly Report Quarterly Report
WALKER (MI)
Monthly Report Quarterly Report
KENTWOOD (MI)
Monthly Report Quarterly Report Monthly Report Quarterly Report
LOWELL TWP (MI)
Monthly Report Quarterly Report
ROCKFORD (MI)
Monthly Report Quarterly Report
SPARTA (MI) WYOMING (MI)
Monthly Report Quarterly Report Monthly Report Quarterly Report
Monthly Report Quarterly Report
KENTWOOD TWP (MI)
Monthly Report Quarterly Report
OAKFIELD TWP (MI)
GREENVILLE (MI) SPARTA VLG (MI)
Monthly Report Quarterly Report Monthly Report Quarterly Report Monthly Report Quarterly Report
SAND LAKE (MI)
MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.
LISTING INVENTORY AND NUMBER OF SALES Q4 2022 | Single Family -2.92% -28.63% -18.97% 14.25% 17.74% 37.50% 3.26% 8.53% 72.73% PROPERTIES SOLD SINGLE FAMILY LIST/SELL PRICE RATIO SINGLE FAMILY NEW LISTINGS SINGLE FAMILY AVERAGE LIST PRICE SINGLE FAMILY AVERAGE SOLD PRICE SINGLE FAMILY AVERAGE DAYS ON MARKET SINGLE FAMILY MEDIAN SOLD PRICE SINGLE FAMILY MEDIAN LIST PRICE SINGLE FAMILY MEDIAN DAYS ON MARKET SINGLE FAMILY Quarterly inventory of properties for sale along with number of sales
MEDIAN SALES PRICE AND NUMBER OF SALES
Q4 2022 | Single Family
Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.
Number of Sales | Number of properties sold.
AVERAGE
SALES
Q4 2022 | Single Family
PRICE
AND AVERAGE DAYS ON MARKET
Average Sales Price | Average sales price for all properties sold.
Average Days on Market | Average days on market for all properties sold.
SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM
Q4 2022 | Single Family
Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.
AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE
Q4 2022 | Single Family
Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.
PROPERTIES FOR SALE AND SOLD PROPERTIES
Q4 2022 | Single Family
Properties for Sale | Number of properties listed for sale at the end of quarter.
Sold Properties | Number of properties sold.
MONTHS SUPPLY OF INVENTORY
Q4 2022 | Single Family
Months Supply of Inventory | Properties for sale divided by number of properties sold.
Units Listed | Number of properties listed for sale at the end of month.
Units Sold | Number of properties sold.
Monthly Report
Quarterly Report
GREENVILLE (MI)
Monthly Report Quarterly Report
PIERSON (MI)
Monthly Report Quarterly Report
HOWARD CITY (MI)
Monthly Report Quarterly Report
EDMORE (MI)
Monthly Report Quarterly Report
LAKEVIEW (MI) SIX LAKES (MI)
Monthly Report Quarterly Report
Monthly Report Quarterly Report
CARSON CITY (MI) CRYSTAL (MI) SHERIDAN (MI) VESTABURG (MI)
Monthly Report Quarterly Report Monthly Report Quarterly Report
Monthly Report Quarterly Report
STANTON (MI)
Monthly Report Quarterly Report
MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.
SOURCES:
www.dbusiness.com/daily-news/report-metro-detroit-homessales-continue-to-fall-prices-rise www.zillow.com/home-values
www.dbusiness.com/daily-news/report-metro-detroits-homesale-drought-doesnt-let-up-in-november/
www.moodyonthemarket.com/colder-weather-keeps-homesales-cool-in-michigans-great-southwest/
www.mlive.com/public-interest/2023/01/the-real-estate-rageris-over-prepare-for-a-housing-hangover.html
www.clickondetroit.com/news/local/2022/11/10/experts-rankdetroit-as-one-of-the-most-affordable-starter-home-marketsin-the-country/ biz.crast.net/realtor-com-names-grand-rapids-and-wyomingamong-top-10-markets-in-2023/
