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 for sale increased by nine units this month, with 219 homes available March 1st in these four subareas. There were 210 available a month ago. 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 Mar 1, 2016 the available inventory was 259. The quantity of available properties increased 4% from Feb 1 to Mar 1, but nevertheless we continue to be in a low inventory situation. Two years ago at this time of year there were 291 homes listed, and we only see about 75% of that number listed today. The median list price of homes offered for sale was down about 1% month to month in H20, was up about 4% in H23, and was even with last month in H27 and S93.
20 homes sold last month. 19 sold the month before. A year ago, 29 residential properties sold in Feb 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 that could be calculated. In H20 those that sold were worth about 85% of list, in H23 it was 91%, in H27 it could not be calculated, because there were no sales, and in S93 it was 60%. Only one home sold in S93, and small volumes make this indicator less meaningful.
Inventory turnover numbers for last month were: for H20 12 of 32 (38%), for H23 7 of 114 (6%), for H27 it couldn’t be calculated, and for S93 1 of 43 (2%). H20 usually has a faster turnover than the other subareas. A 38% turnover like we have in H20, means that we have less than a 3 month supply of homes at the current sales rate there. Lower percentages mean we have more months of supply available.
How do February’s sold prices compare to previous months? Low inventories usually mean higher prices, and that’s what we saw last month. In H20, last month’s median sold price ($280,500) was higher than the median sold price for the last twelve months by about 35% ($181,000). H23’s median sold price ($350,000) was higher by about 17% than the median sold price over the last twelve months ($288,950). No homes sold in H27 last month. S93’s median sold price for last month was $312,500, higher by about 37% than the median sold price over the last twelve months ($197,400). Aggregating all four subareas, last month’s median sold price was $306,250, which is higher by about 28% than the median of the last twelve months ($240,000). The median sold price for H20 is the highest we’ve seen since we started analyzing these numbers. H23’s monthly median sold price is among the top four we’ve seen in those 28 months.
Let’s compare today’s statistics to those of a year ago. A year ago there were 243 homes listed, at a median list price of $345,000. Today there are 219 homes listed at a median list price of $379,000, the highest monthly median list price we’ve seen in the last 28 months. In Feb 2017 20 homes sold at a median price of $306,250 while in Feb 2016 29 homes sold at a median price of $190,000.
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.