Tuesday, November 16, 2010
Lake Macatawa Real Estate Market Update
2006 to 2007: 8 homes and 2 condos sold. Average sales price was $819,818. Highest sales price that year was $2,072,500. Average days on the market was 262 days for those 10 sales.
2007 to 2008: 12 homes sold and 5 condos sold. Average sales price was $724,010. Highest sales price that year was $1,590,000. Average days on the market was 263 days for those 17 sales.
2008 to 2009: 3 homes sold and no condos. Average sales price was $504,508. Highest sales price was $613,625. And average days on the market for those 3 that did sell was 527 days.
2009 to 2010: (A BIG improvement, especially in the last 6 months): 10 homes sold and 5 condos sold. Average sales price was $629,333 in part because one of those sales was a very small condo at Lake Ranch near the General Store at $68,000. Without that sale in there, the average sales price would have been $669,428. Highest sales price was $1,600,000 but there were 3 sales over $1 million in the past year. Average days on the market is still quite high with 518 days on the market on average for those that did sell (in large part since almost nothing sold last year). There definitely seems to be some increased consumer confidence and 2nd home, lakefront and upper end home buying.
Mortgage rates are phenomenally low. And most people are not having a hard time finding financing for 2nd homes or high end residential loans. Some things have changed in the banking world (such as most banks requiring 20 to 30% down now vs. 10% for a 2nd home). Jumbo rates (those loans over $417,500) are not far from "conventional" rates. And we just closed on one Jumbo mortgage with a rate in the low 3% range.
For more information on purchasing a home or condo in this unique area contact the Andrea Crossman Group.