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 August 2017 the inventory of homes decreased slightly. 271 homes were available Sept 1st in these four subareas, while 274 were available on Aug 1. The highs and lows of available monthly inventory in the last two years were a high of 382 on Sept 1, 2015, and the low was 209 on January 1, 2017. A year ago on Sept 1, 2016 the available inventory was 320, so we presently have about 85% the number of homes available than we did a year ago. The median list price of homes offered for sale was up 10% month to month in H20, was down 6% in H23, was down 7% in H27 and up 2% in S93. These moves are similar to the ones we saw last month.
This was a respectable sales month. 44 homes sold last month, as opposed to 33 in August 2017. A year ago, 43 homes sold in August 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 84%, in H27 it was 58%, and in S93 it was 38%.
Inventory turnover numbers for last month were: for H20 14 of 48 (29%), for H23 15 of 120 (12.5%), for H27 it was 9 of 381 (24%), and for S93 6 of 68 (9%). H20 usually has a faster turnover than the other subareas. A 12.5% turnover like we have in H23, means that we have a 8 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 August’s sold prices compare to previous months? In H20, last month’s median sold price ($232,858) was higher than the median sold price for the last twelve months ($197,000) by about 18%. H23’s median sold price ($334,250) was higher by about 17% than the median sold price over the last twelve months ($285,000). This month’s median sold price for H23 was a relatively high number. H27’s median sold price ($230,000) was higher by about 2% than the median sold price over the last twelve months ($225,000). S93’s median sold price for last month was $207,450, higher by about 9% than the median sold price over the last twelve months ($190,000). Aggregating all four subareas, last month’s median sold price was $241,700, 1% higher than the median of the last twelve months ($239,750). So overall we see no particular increase in sales prices in last month’s result.
Let’s compare today’s statistics to those of a year ago. A year ago there were 320 homes listed, at a median list price of $362,000. Today there are 271 homes listed at a median list price of $444,450. In comparison, in December, 2014 the median list price for all areas was $299,000. In August 2017 44 homes sold at a median price of $241,700 while in August 2016 43 homes sold at a median price of $215,900.
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 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.