Updated on November 13, 2020
West Michigan Real Estate Statistics for the areas along the lakeshore from Saugatuck to Spring Lake, this year vs last.
In a year filled with lockdowns, rationing, political chaos, and social unrest, one steady seems to have been the real estate market in West Michigan. As a matter of fact, our area is on pace to record the best year ever in terms of volume, number of sales, and average sale price. Who would have ever predicted that???
As we look in detail along the lakeshore at the market statistics, the big numbers that jump out are the total sold volume, and the number of new listings. Sold volume is up 12%, while the number of new listings is down 13%, giving fuel to the supply and demand theory and pushing average sale prices up another 12% year over on average for the Saugatuck and Douglas, Holland, West Olive, Grand Haven, and Spring Lake real estate markets. Respectively, in the broader market overview, we have seen market gains of 13% in the Holland / Saugatuck markets, while the Northern Ottawa county area, which includes Grand Haven and Spring Lake, has seen an 11% increase in average sale price year over.
As we break the smaller market segments down (above), you can see that the biggest gains were seen in Saugatuck / Douglas market, and the Spring Lake market, which increased 18% and 17% respectively. The Saugatuck real estate market seems to be benefitting from a large contingent of buyers seeking refuge from bigger cities and want a quaint getaway or year round home to find some quieter surroundings. The Spring Lake real estate market has seen an explosion in lakefront home sales, skewing the overall numbers a bit, but Spring Lake overall is a very popular place to live as well, with the new businesses and shopping popping up around the town.
Overall, as we catapult into 2021, the market seems to be keeping the momentum and setting up for a stellar year ahead. If you are looking to capitalize on the gains already realized by the market and want to know what your home is worth, or are looking to get into this fabulous market, give us a call at 616-594-0749, or email us at email@example.com . We’d love to talk with you!