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. In August 2018 the inventory of homes decreased. 253 homes were available Sept 1 in these four subareas, while 260 were available on Aug 1. Our recent high in monthly inventory was reached on July 1, 2016, with 352 units available then, while the low was reached January 1, 2018, with 175 units available then. A year ago on Sept 1, 2017 the available inventory was 271, so we presently have 93% of the inventory we did a year ago. The median list price of homes offered for sale was flat in H20 and H23, decreased 9% in H27, and decreased 7% in S93.
64 homes sold last month. This is a record for monthly sales, as long as we have been doing this report, since Nov 2014. A year ago, 44 homes sold in August 2017.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 four subareas. In H20 those that sold were worth about 51% of list, in H23 it was 70%, in H27 it was 93% and in S93 it was 63%.
Inventory turnover numbers for last month were very aggressive: for H20 22 of 49 (45%), for H23 23 of 117 (20%), for H27 11 of 32 (34%), and for S93 8 of 62 (13%). H20 usually has a faster turnover than the other subareas. A 20% turnover as we have in H23 means that we have a 5 month supply of homes at the current sales rate there. Lower percentages mean we have more months of supply available, higher percentages mean we have fewer months of supply available.
How do August’s sold prices compare to previous months? In H20, last month’s median sold price ($208,450) was 2% lower than the median sold price for the last twelve months ($211,750). H23’s median sold price ($299,000) was lower by 4% than the median sold price over the last twelve months ($311,000). H27’s median sold price ($270,700) was higher by 6% than the median sold price over the last twelve months ($255,000). S93’s median sold price for last month was $312,850, higher by 43% than the median sold price over the last twelve months ($218,995). Aggregating all four subareas, last month’s median sold price was $263,750, 1% below the median of the last twelve months, which was $267,683.
Let’s compare today’s statistics to those of a year ago. A year ago there were 271 homes listed, at a median list price of $444,450. Today there are 253 homes listed at a median list price of $411,970, 92% of the median list price a year ago. In August 2017 44 homes sold at a median price of $241,700 while in July 2018 64 homes sold at a median price of $263,750, a 9% increase.
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. Several factors help you get a good price for your home - a quality property and strategic pricing and negotiation are certainly important. You provide the quality property, and my experience can help with the strategy in this competitive market. I strive to provide quality service and I believe in advising my clients to do what is best for them, not to do what might benefit me the most. 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, and on a range of other widely used real estate sites on the internet. 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.