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. Inventory of homes for sale decreased this month, with 209 homes available January 1st in these four subareas. There were 257 available a month ago. The highs and lows of available inventory in the last two years were a high of 388 on August 1, 2015, and the low was this 209 on January 1, 2017. A year ago on Jan 1, 2016 the available inventory was 236. The quantity of available properties decreased about 18.5% from Dec 1 to Jan 1. These data points confirm our impression that we are in a low inventory situation. The median list price of homes offered for sale was down about 1% month to month in H20, increased about 5% in H23, was even with last month in H27, and increased about 34% in S93.
29 homes sold last month. 32 sold the month before. A year ago, 26 residential properties sold in Dec 2015. 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 58% of list, in H23 it was 77%, in H27 it was 94%, and in S93 it was 47%.
Inventory turnover numbers for last month were: for H20 12 of 47 (25.5%), for H23 11 of 127 (8.7%), for H27 1 of 25 (4%) and for S93 5 of 58 (8.6%). H20 usually has a faster turnover than the other subareas. A 25.5% turnover like we have in H20, means that we have about a 4 month supply of homes at the current sales rate. Lower percentages mean we have more months of supply available.
How do December’s sold prices compare to previous months? In H20, last month’s median sold price ($175,000) was higher than the median sold price for the last twelve months by about 1.8% ($171,950). H23’s median sold price ($281,900) was lower by about 2% than the median sold price over the last twelve months ($287,900). H27’s median sold price ($399,000) was higher, by about 239%, than the median sold price over the last twelve months ($167,000), but only one unit sold there last month. S93’s median sold price for last month was $265,000, higher by about 39%, than the median sold price over the last twelve months ($190,000). Aggregating all four subareas, last month’s median sold price was about 7% higher than the median of the last twelve months. Last month’s median sold price was $248,000, and the median sold price over the last twelve months was $231,500.
Let’s compare today’s statistics to those of a year ago. A year ago there were 256 homes listed, at a median list price of $299,900. Today there are 209 homes listed at a median list price of $368,500. In Dec 2016 29 homes sold at a median price of $248,000 while in Dec 2015 26 homes sold at a median price of $174,000.
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. 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 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.