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 November 2017 the inventory of homes decreased. 236 homes were available Nov 1st in these four subareas, while 207 were available on Nov 1. This is a new low in monthly inventory, at least over the last two years. The high was reached July 1, 20-16, with 352 units available then, A year ago on Nov 1, 2016 the available inventory was 257, so we presently have about 81% the number of homes available than we did a year ago. The number of available homes in H23 fell to 87, the lowest number we’ve encountered doing this analysis over the last thirty-seven months. This is the second month running that we hit a low on this number. The median list price of homes offered for sale was down 3% month to month in H20, was flat in H23, was down 2% in H27 and down 3% in S93.
31 homes sold last month. A year ago, 32 homes sold in November 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 50% of list, in H23 it was 75%, in H27 it was 45%, and in S93 it was 36%. We often speak of a tale of two markets: the price of available homes compared to the price of homes that actually sell. This month shows a sharp contrast between those two markets.
Inventory turnover numbers for last month were: for H20 11 of 47 (23%), for H23 8 of 99 (8%), for H27 it was 4 of 28 (18%), and for S93 8 of 62 (13%). 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 November’s sold prices compare to previous months? In H20, last month’s median sold price ($188,100) was 8% lower than the median sold price for the last twelve months ($204,500). H23’s median sold price ($315,000) was higher by about 2% than the median sold price over the last twelve months ($308,180). H27’s median sold price ($179,750) was lower by about 22% than the median sold price over the last twelve months ($230,000). S93’s median sold price for last month was $191,250, higher by 6% than the median sold price over the last twelve months ($179,950). Aggregating all four subareas, last month’s median sold price was $192,500, 23% below the median of the last twelve months, which was $249,950.
Let’s compare today’s statistics to those of a year ago. A year ago there were 257 homes listed, at a median list price of $349,500. Today there are 207 homes listed at a median list price of $419,000. In November 2017 31 homes sold at a median price of $192,000 while in November 2016 32 homes sold at a median price of $225,000.
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.