Information below is residential data for the four lakeshore real estate subareas in Allegan County:
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 to all. This report summarizes 2015 residential home sales in these subareas. 26 houses sold in December 2015, less than the 32 that sold in November. A year ago, 29 houses sold in December 2014. In most months median list prices are above median sold prices. This means that the houses that sold are less expensive than those that are on offer. This happened again in all four subareas. In H20 the houses that sold were worth 65% of list, in H23 it was 55%, in H27 it was 37% (only one house sold there),and in S93 it was 59%.
The quantity of available properties decreased 15.5% (303 to 256) from Dec 1 to Jan 1. The median list price of homes offered for sale in H23 was exactly the same on Oct 1, Nov 1, Dec 1 and Jan 1: $325,000. In H20 it decreased about 8% month over month, in H27 it decreased slightly less than 2%, and S93 it increased about 24%.
Inventory turnover numbers for November were: for H20 12 of 56 (21%, a fairly average number for H20, which commonly has a faster turnover than the other subareas), for H23 10 of 161 (6%, much slower than recent months), for H27 1 of 40 (2.5%, slower than last month) and for S93 3 of 56 (5%, slightly faster than last month. A 20% turnover, which is approximately what we have in H20, means that we have around a five month supply of homes at the rate they sold in December. Lower percentages mean we have more months of supply available – in H23 almost 17 months, in H27 40 months, in S93 20 months.
How are sold prices in December performing compared to previous months? Generally, December was a down month for prices. In H20, the December median sold price ($174,000) was 5% higher than the median sold price for the last 12 months ($165,000). In H23 it was about 35% lower ($177,250 compared to $271,950). That was the lowest monthly median sold price since we started this analysis 14 months ago. In H27 it was 46% lower ($98,000 compared to $180,000). But remember that only one house sold there in December. In S93, the December median sold price ($218,000) was lower than the median sold price for the last twelve months ($287,000) by about 24%.
Let’s compare December 2015 to December 2014. A year ago there were 291 homes listed, at a median list price of $299,000. Today there are 256 homes listed, at a median list price of $299,900, evidence there is less inventory but no real decline in list prices. In December 2014 29 homes sold with a median price of $222,000, while in December 2015 26 homes sold with a median price of $174,000.
To summarize residential sales history in these subareas for 2015: a total of 411 homes sold, 157 in H20, 165 in H23, 51 in H27 and 38 in S93, at a median sales price of $222,000. For each subarea, as shown above, the median sales prices are H20: $165,000, H23: $271,950, H27: $180,000, and S93 $287,000.
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