Saugatuck MI area residential real estate market, June 1, 2017

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 May 2017 the inventory of homes available to sale decreased, a rather unusual thing for this time of year.. 226 homes were available June 1st in these four subareas, while 236 were available on May 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 June 1, 2016 the available inventory was 337, so we presently have about two-thirds the number of homes available than we did a year ago. We continue to be in a low inventory situation. Two years ago at this time of year there were 335 homes listed. The median list price of homes offered for sale was up 1% in H20, was flat in H23, was down 13% in H27 and up 7% in S93.

44 homes sold last month, the same number as sold the month before. A year ago, 51 homes sold in May 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 61% of list, in H23 it was 71%, in H27 it was 47%, and in S93 it was 30%.

Inventory turnover numbers for last month were: for H20 14 of 37 (38%), for H23 21 of 105 (20%), for H27 it was 4 of 24 (17%), and for S93 5 of 70 (7%). H20 usually has a faster turnover than the other subareas. A 20% turnover like we have in H23, means that we have a 5 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 May’s sold prices compare to previous months? In H20, last month’s median sold price ($246,250) was higher than the median sold price for the last twelve months ($180,000) by about 37%. H23’s median sold price ($284,500) was lower by about 1% than the median sold price over the last twelve months ($288,000). H27’s median sold price ($247,500) was higher by about 10% than the median sold price over the last twelve months ($225,000). S93’s median sold price for last month was $175,000, lower by about 10% than the median sold price over the last twelve months ($193,850). Aggregating all four subareas, last month’s median sold price was $272,000, which is higher by about 11% than the median of the last twelve months ($245,000).

Let’s compare today’s statistics to those of a year ago. A year ago there were 337 homes listed, at a median list price of $349,900. Today there are 226 homes listed at a median list price of $454,950, the highest monthly median list price we’ve seen in the last 30 months. In comparison, in December, 2014 the median list price for all areas was $299,000. The median list price for a home in H20 is $402,450, in H23 it is $399,900, in H27 it is 529,000, and in S93 it is $574,950. In May 2017 44 homes sold at a median price of $272,000 while in May 2016 51 homes sold at a median price of $227,900.

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, 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.

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