Saugatuck MI area residential real estate market, November 1, 2018

Real Estate Agent with Dorothy Hanson, Broker

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 October 2018 the inventory of homes increased slightly. 242 homes were available Oct 1 in these four subareas, while 246 were available on Nov 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 Nov 1, 2017 the available inventory was 236, so we presently have 104% of the inventory we did a year ago. The median list price of homes offered for sale was flat in H20, up 1% in H23, down 1% in H27, and up 7% in S93.

42 homes sold last month. A year ago, 49 homes sold in October 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 three of four subareas. In H20 those that sold were worth about 59% of list, in H23 it was 84%, in H27 it was 102% and in S93 it was 47%.

Inventory turnover numbers for last month were: for H20 14 of 51 (27.5%), for H23 17 of 110 (15.5%), for H27 5 of 30 (17%), and for S93 6 of 51 (12%). H20 usually has a faster turnover than the other subareas. A 27.5% turnover like we have in H23 means that we have a little less than a 4 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 October’s sold prices compare to previous months? In H20, last month’s median sold price ($232,750) was 8% higher than the median sold price for the last twelve months ($215,500). H23’s median sold price ($370,000) was higher by 17% than the median sold price over the last twelve months ($315,000). It was a good month for higher priced properties in the Saugatuck-Douglas-Saugatuck Township area. H27’s median sold price ($299,000) was higher by 10% than the median sold price over the last twelve months ($270,700). S93’s median sold price for last month was $250,000, higher by 7% than the median sold price over the last twelve months ($233,500). Aggregating all four subareas, last month’s median sold price was $314,500, 17% above the median of the last twelve months, which was $268,500.

Let’s compare today’s statistics to those of a year ago. A year ago there were 236 homes listed, at a median list price of $439,450. Today there are 246 homes listed at a median list price of $430,000, lower by 2% than the median list price of a year ago. In October 2017 49 homes sold at a median price of $283,500 while in October 2018 42 homes sold at a median price of $314,500, an 11% 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, 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.

Market snapshot table 11/01/18Market snapshot chart 11/01/18

Comments (0)