Special offer

Saugatuck MI area residential real estate market, Feb 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

21 houses sold in January 2016, less than the 26 that sold last month. A year ago, 18 houses sold in January 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 three of the four subareas. In H20 the houses that sold were worth 55% of list, in H23 it was 83%, and in S93, where only one house sold, it was 46%. In H27, where only two houses sold (one was a lakeshore home for over a million) the median sold price was 230% of list.

The quantity of available properties decreased 7.8% (256 to 236) from Jan 1 to Feb 1. This is on top of a decrease of about 15% 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, Jan 1 and Feb 1: $325,000. In H20 it decreased about 7% month over month, in H27 it increased about 7%, and S93 it decreased about 6%.

Inventory turnover numbers for last month were: for H20 7 of 47 (around 15% - H20 has a faster turnover than the other subareas), for H23 11 of 140 (8%), for H27 2 of 33 (6%) and for S93 1 of 36 (3%). A 15% turnover, which is approximately what we have in H20, means that we have around a 6.7 month supply of homes at the current rate of sale. Lower percentages mean we have more months of supply available – in H23 about 12.7 months, in H27 16.4 months, in S93 33 months. But winter months, like January, have fewer sales, so this turnover calculation is affected by that seasonality.

How do last month’s sold prices compare to previous months? January was more normal than December, which was a down month for sold prices. In H20, last month’s median sold price ($137,000) was 16% lower than the median sold price for the last 12 months ($164,000). H23 was nearly the same last month as it was over the last 12 months ($269,000 and $269,800). The H27 and S93 comparisons, based on 2 home sales and 1 home sale respectively, are not meaningful.

Let’s compare last month to January 2015. A year ago there were 279 homes listed, at a median list price of $319,900. Today there are 236 homes listed, at a median list price of $322,325. There is less inventory but no real change in list prices. In January 2015 18 homes sold with a median price of $202,500, while in January 2016 21 homes sold with a median price of $259,000.

I’m always looking for residential properties to list. Inventory of existing homes is low, and now is a good time to get your home on the market if you would like it to be seen by out of town buyers looking for a place for the summer. My experience and knowledge can help you reach your goal whether you want to sell your house, or whether you are looking to buy another. I strive to provide quality service. 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. I can also tell you how my proven marketing system can get your home seen by people looking to buy. A seller who understands the market is my best asset in getting a home sold. Call me if you’d like to learn more. Market snapshot table 02-01-2016

Market snapshot chart 02-01-2016

Comments (0)