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 decreased in July, with 320 homes available September 1st in these four subareas. There were 323 available a month ago. The highest monthly snapshot of available inventory in the last twelve months was 382, a year ago on Sept 1, 2015. We think we are in a low inventory situation, even though the quantity of available properties decreased about only 1% from Aug 1 to Sept 1. The median list price of homes offered for sale decreased about 9% month to month in H20, was the same as last month in H23, decreased about 8% in H27, and increased about 7% in S93.
43 residential properties sold in Aug 2016. 49 sold in July. A year ago, 35 residential properties sold in Aug 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). In Aug 2016 median sold prices were lower than median list prices in all subareas. In H20 those that sold were worth about 48% of list, in H23 it was 90%, in H27 it was around 49%, and in S93 it was around 33%.
Inventory turnover numbers for Aug were: for H20 18 of 51 (35%), for H23 15 of 147 (10%), for H27 5 of 44 (a 11%) and for S93 5 of 81 (6%). H20 usually has a faster turnover than the other subareas. A 33% turnover, which is a little lower than this month’s percentage in H20, means that we have around a 3 month supply of homes at the current sales rate. Lower percentages mean we have more months of supply available. We hit a new high (among the months we have studied since Nov 2014) for available homes in S93 on Aug 1, with 81 available then. The same quantity is available there Sept 1.
How do August’s sold prices compare to previous months? In H20, last month’s median sold price ($152,500) was lower than the median sold price for the last twelve months by about 10% ($170,250). H23’s median sold price ($315,000) was higher by about 11%, than the median sold price over the last twelve months ($285,000). H27’s median sold price ($220,000) was higher, by about 30%, than the median sold price over the last twelve months ($169,000). S93’s median sold price for last month was $120,000, which was around 45% lower than the median sold price over the last twelve months ($218,000). Aggregating all four subareas, last month’s median sold price was about 7.5% higher than the median of the last twelve months. Last month’s median sold price was $247,000, and the median sold price over the last twelve months was $229,700.
Let’s compare today’s statistics to those of a year ago. A year ago there were 382 homes listed, at a median list price of $325,000. Today there are 320 homes listed at a median list price of $362,000. In August 2015 35 homes sold at a median price of $184,000 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 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.
Comments(0)