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 October 2017 the inventory of homes decreased. 261 homes were available Oct 1st in these four subareas, while 236 were available on Nov 1. The highs and lows of available monthly inventory in the last two years were a high of 352 on July 1, 2016, and the low was 209 on January 1, 2017. A year ago on Oct 1, 2016 the available inventory was 275, so we presently have about 76% the number of homes available than we did a year ago. We have hit a milestone of sorts. The number of available homes in H23 fell to 99, the lowest number we’ve encountered doing this analysis over the last three years.The median list price of homes offered for sale was up 7% month to month in H20, was up 6% in H23, was up 2% in H27 and down 1% in S93.
49 homes sold last month, the same quantity as sold in Sept 2017. A year ago, 47 homes sold in October 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 51% of list, in H23 it was 83%, in H27 it was 49%, and in S93 it was a rather remarkable 98%, due to one large sale.
Inventory turnover numbers for last month were: for H20 10 of 55 (18%), for H23 25 of 108 (23%), for H27 it was 8 of 27 (30%), and for S93 6 of 71 (8.5%). H20 usually has a faster turnover than the other subareas. A 18% turnover like we have in H20, means that we have slightly more than a five 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 October’s sold prices compare to previous months? In H20, last month’s median sold price ($197,500) was slightly lower than the median sold price for the last twelve months ($303,700). H23’s median sold price ($349,719) was higher by about 15% than the median sold price over the last twelve months ($290,575). H27’s median sold price ($202,500) was lower by about 14% than the median sold price over the last twelve months ($235,000). S93’s median sold price for last month was $348,859, higher by 194% than the median sold price over the last twelve months ($179,900). S93, Casco Township, has many low priced homes in the Pullman area, and a number of expensive lakeshore homes as well. Six homes sold in total there last month, one of them a $2.4 million home, and that sale affected the monthly comparisons for S93. Aggregating all four subareas, last month’s median sold price was $283,500, 13% higher than the median of the last twelve months, which was $250,000.
Let’s compare today’s statistics to those of a year ago. A year ago there were 275 homes listed, at a median list price of $347,500. Today there are 236 homes listed at a median list price of $439,450. In October 2017 49 homes sold at a median price of $283,500 while in October 2016 47 homes sold at a median price of $205,000.
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.