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 stayed the same. 219 homes were available April 1st in these four subareas, the same quantity that were available March 1. The highs and lows of available monthly inventory in the last two years were a high of 388 on August 1, 2015, and the low was 209 on January 1, 2017. A year ago on April 1, 2016 the available inventory was 274. We continue to be in a low inventory situation. Two years ago at this time of year there were 312 homes listed, and the quantity we see today is about 70% of that. The median list price of homes offered for sale was down about 6% month to month in H20, was down 4% in H23, and was up 29% in H27 and up 4% in S93.
24 homes sold last month. 20 sold the month before. A year ago, 36 homes sold in Mar 2016. 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 53% of list, in H23 it was 80%, in H27 it was 11% (with only one sale), and in S93 it was 16% (with only two sales). Small volumes make this indicator less meaningful.
Inventory turnover numbers for last month were: for H20 15 of 31 (48%), for H23 6 of 106 (6%), for H27 it was 1 of 25 (4%), and for S93 2 of 57 (3.5%). H20 usually has a faster turnover than the other subareas. A 48% turnover like we have in H20, means that we have around a 2 month supply of homes at the current sales rate there. Lower percentages mean we have more months of supply available.
How do March’s sold prices compare to previous months? In H20, last month’s median sold price ($164,000) was lower than the median sold price for the last twelve months by about 8% ($178,950). H23’s median sold price ($294,500) was higher by about 2% than the median sold price over the last twelve months ($290,000). H27’s median sold price ($54,000) was lower by about 68% than the median sold price over the last twelve months ($169,000). S93’s median sold price for last month was $87,500, lower by about 37% than the median sold price over the last twelve months ($196,800). Aggregating all four subareas, last month’s median sold price was $168,000, which is lower by about 29% than the median of the last twelve months ($237,000). Though the sales quantity was the same in February and March, the median price of sold homes was higher in February than in March.
Let’s compare today’s statistics to those of a year ago. A year ago there were 259 homes listed, at a median list price of $349,000. Today there are 219 homes listed at a median list price of $399,900, the highest monthly median list price we’ve seen in the last 29 months. In March 2017 24 homes sold at a median price of $168,000 while in March 2016 29 homes sold at a median price of $217,000.
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 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.