Special offer

Saugatuck MI area residential real estate market, May 1, 2016

By
Real Estate Agent with Dorothy Hanson, Broker

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

The information presented here is as recorded in our local MLS, SWMRIC. Inventory of homes for sale steadily increased in April, with 274 homes available today in these four subareas.  We had 259 a month ago. The highest monthly snapshot of available inventory in the last twelve months was 388 on Aug 1, 2015.  The quantity of available properties thus increased almost 6% from Apr 1 to May 1. The median list price of homes offered for sale in all four areas was up 6% in H20, even in H23 and H27, and down 7.3% in H27.

In a rather slow sales month 27 houses sold in April 2016. 36 sold in March. A year ago, 33 houses sold in April 2015. 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 in all subareas, except in H23, where, unusually, the median price of houses that sold was higher than the median price of houses listed (around 103.7%). In H20 the houses that sold were worth about 47% of list, in H27 it was around 33%, and in S93 it was around 38%.

Inventory turnover numbers for April were: for H20 10 of 38 (around 26%), for H23 10 of 133 (a very slow 7.5%), for H27 4 of 43 (around 9%) and for S93 3 of 46 (7%). H20 usually has a faster turnover than the other subareas. A 26% turnover, which is approximately what we have in H20, means that we have around a 4 month supply of homes at the current sales rate. Lower percentages mean we have more months of supply available.

How do April’s sold prices compare to previous months?  In H20, last month’s median sold price ($187,200) was 14% higher than the median sold price for the last twelve months ($164,000). H23’s April median sold price ($352,500) was also higher last month, by around 31%, than the median sold price over the last twelve months ($268,950). H27’s median sold price ($115,200) was around 20% lower than the median sold price over the last twelve months ($145,000). S93’s median sold price for last month was $145,000, which was around 41% lower than the median sold price over the last twelve months ($245,500). Aggregating all four subareas, last month was very much like the last twelve months. Last month’s median sold price was $218,000, and the same median sold price over the last twelve months was $219,000.

Let’s compare April 2016 to April 2015. A year ago there were 312 homes listed, at a median list price of $334,900. Today there are 274 homes listed at a median list price of $349,900.  In April 2015 33 homes sold at a median price of $278,000, while in April 2016 27 homes sold at a median price of $222,000.

What time is right for you to sell? The time you want to sell, of course. I would love to help you sell your residential or commercial property or your vacant lot, whenever you want to bring it to market. Right now inventory of existing homes is relatively low, however, and the busy summer season is starting. I have both area residents, and second-home people among my buyers and sellers. 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 on what is best for them. Want to learn more about what your home is worth?  Call me at 616-836-8535 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, on a range of other widely used real estate sites on the internet, and on the back page of the Commercial Record, our local Saugatuck paper. 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. Market snapshot chart 05-01-16Market snapshot table 05-01-16

Comments (0)