Information below is residential data for the four lakeshore real estate subareas in Allegan County, Michigan:
H20 - Laketown Twp, City of Holland south of 32nd St, Fillmore Twp west of M-40
H23 - Saugatuck Twp, City of Saugatuck, City of Douglas, Manlius Twp west of 58th St
H27 - Ganges Twp, Clyde Twp west of 56th St, City of Fennville south of M-89
S93 - Casco Twp
The information presented here is as recorded in our local MLS, SWMRIC. In July 2017 the inventory of homes increased. 274 homes were available Aug 1st in these four subareas, while 261 were available on July 1. The highs and lows of available monthly inventory in the last two years were a high of 388 on August 1, 2015, and the low was 209 on January 1, 2017. A year ago on Aug 1, 2016 the available inventory was 323, so we presently have about 85% the number of homes available than we did a year ago. We appear to be exiting the low inventory situation we experienced in the earlier part of this year. The median list price of homes offered for sale was up 25% month to month in H20, was down 2% in H23, was down 6% in H27 and up 3% in S93.
33 homes sold last month, as opposed to 52 in July 2017. A year ago, 49 homes sold in July 2016. Out of the 33, only 11 homes sold in H23, which was the subarea with the largest sales shortfall from the same month last year (24). In most months median list prices are above median sold prices. This means that those that sold are less expensive than those that are on offer. You can see this on the graph, where the blue lines (sold) are mostly below the red lines (list). Last month median sold prices were lower than median list prices in all subareas. In H20 those that sold were worth about 56% of list, in H23 it was 68%, in H27 it was 70%, and in S93 it was 29%.
Inventory turnover numbers for last month were: for H20 16 of 49 (33%), for H23 11 of 112 (10%), for H27 it was 2 of 31 (6.5%), and for S93 4 of 69 (6%). H20 usually has a faster turnover than the other subareas. A 33% turnover like we have in H20, means that we have a 3 month supply of homes at the current sales rate there. Lower percentages mean we have more months of supply available, higher percentages mean we have fewer months of supply available.
How do July’s sold prices compare to previous months? In H20, last month’s median sold price ($230,000) was higher than the median sold price for the last twelve months ($189,000) by about 22%. H23’s median sold price ($290,000) was higher by about 2% than the median sold price over the last twelve months ($285,000). H27’s median sold price ($297,500) was higher by about 35% than the median sold price over the last twelve months ($220,000). S93’s median sold price for last month was $155,000, lower by about 16% than the median sold price over the last twelve months ($183,750). Aggregating all four subareas, last month’s median sold price was $237,500, the same as the median of the last twelve months.
Let’s compare today’s statistics to those of a year ago. A year ago there were 323 homes listed, at a median list price of $359,900. Today there are 274 homes listed at a median list price of $442,000. In comparison, in December, 2014 the median list price for all areas was $299,000. The median list price for a home now in H20 is $412,450, in H23 it is $425,000, in H27 it is $424,950, and in S93 it is $539,500. These medians strike us as quite high. Although there may be more inventory available, the list prices of that inventory is outside many people’s range, whether for first or second homes. In July 2017 33 homes sold at a median price of $237,500 while in July 2016 49 homes sold at a median price of $270,000.
What time is right for you to sell? The time you want to sell, of course. Call me at 616-836-8535 when you want to bring your property to market. I work with both area residents and second-home people. My experience and knowledge can help you reach your goal whether you want to sell your house, or you are looking to buy one. I strive to provide quality service and I believe in advising my clients to do what is best for them, not to do what might benefit me the most. Want to learn more about what your home is worth? Call me for a no-obligation comparison to recent sales. Your home will be marketed so it will be seen by people looking to buy, on my website mysaugatuck.com, and on a range of other widely used real estate sites on the internet. I know that a seller who understands the market has an advantage over one who doesn’t. Call me if you’d like to learn more about the market for your property.