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
Happy New Year! The information presented here is as recorded in our local MLS, SWMRIC. In December 2017 the inventory of homes decreased. 184 homes were available Dec 1 in these four subareas, while 207 were available on Nov 1. This is a new low in monthly inventory, as long as we have been tracking it, the last thirty-eight months. The high was reached July 1, 2016, with 352 units available then, A year ago on Dec 1, 2016 the available inventory was 209, so we presently have about 88% the number of homes available than we did a year ago. The number of available homes in H23 fell to 81, the lowest number we’ve encountered doing this analysis over the last thirty-eight months. This is the third month running that we hit a low on this number. The median list price of homes offered for sale was down 7% month to month in H20, was down 5% in H23, was flat in H27 and up 1% in S93.
29 homes sold last month. A year ago, the same number of homes sold in December 2016. 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 54% of list, in H23 it was an almost even 97%, in H27 it was 35%, and in S93 it was 87%.
Inventory turnover numbers for last month were: for H20 10 of 43 (23%), for H23 13 of 87 (15%), for H27 it was 4 of 24 (17%), and for S93 2 of 53 (4%). H20 usually has a faster turnover than the other subareas. A 23% turnover like we have in H20, means that we have a little more than a four 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 December’s sold prices compare to previous months? In H20, last month’s median sold price ($188,950) was 8% lower than the median sold price for the last twelve months ($204,500). H23’s median sold price ($385,000) was higher by about 24% than the median sold price over the last twelve months ($310,000). H27’s median sold price ($141,000) was lower by about 35% than the median sold price over the last twelve months ($217,950). S93’s median sold price for last month was $462,500, higher by 157% than the median sold price over the last twelve months ($180,000), however this was a month with only two sales in S93. Aggregating all four subareas, last month’s median sold price was $264,000, 5% above the median of the last twelve months, which was $251,000.
Let’s compare today’s statistics to those of a year ago. A year ago there were 209 homes listed, at a median list price of $368,500. Today there are 184 homes listed at a median list price of $399,450 In December 2017 29 homes sold at a median price of $251,000 while in December 2016 29 homes sold at a median price of $248,000.
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. Several factors help you get a good price for your home - a quality property and strategic pricing and negotiation are certainly important. You provide the quality property, and my experience can help with the strategy in this competitive market. 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.