Updated on June 22, 2017
A great Year So Far Along The Lakeshore!
This could be another banner year for real estate sales
We are happy to report that once again, average real estate price continues to rise at a healthy level. Unfortunately, we are still experiencing light inventory levels, so options are becoming more limited for buyers.
As the chart above indicates, sales in the Holland/Saugatuck real estate markets have seen an average increase of 11% this year compared to 2016, while total active inventory is down 7% and number sold is only down 1%. The biggest increase was in the Mason Oceana Manistee market area, where prices jumped 13% compared to last year, while North Ottawa County saw a modest gain of 3%, that market (Grand Haven and Spring Lake primarily) seems to have the healthiest in terms of inventory. Interesting to see how the law of supply and demand is truly in effect with these numbers. Overall a 10% increase in average sale price, with total inventory down 12% in all markets combined. I would say we are in a bit of a sellers’ market.
Bottom line is homes are selling well, and buyers are still buying with the low interest rates and summer season in full swing. West Michigan has truly become a destination for both year round residents and vacation home buyers alike. We do still need more inventory, so if a move in in your future, please contact us to help with the next phase in your life.
If you are looking for more detailed information on a certain market area, or have a home that you would like to know the value of your specific home, Kersh, Mary, or Lauri would be happy to help.