With things looking up in real estate along the Lake Michigan shoreline, it's time to see how we did in 2013 compared to the first year of the recovery in 2012 for waterfront single family homes in the areas in and around Saugatuck, Holland, West Olive, and Grand Haven.
In 2012, the reported sales totaled 44
single family homes with an average sale price of $1,101,225, which is a
really healthy number when you consider in 2005, the peak of the
market, there were only 24 homes sold with an average of $1,116,286. In
2013, there were once again a more "normal" amount of Lake Michigan
homes sold, totaling 26 homes with an average sale price of $1,181,462,
representing a decrease of 41% in number of sales, but an increase of
about 7% in average sale price compared to 2012. In 2012 the highest
sale price was $2,650,000 the low was $460,000, and the median was
$988,750; in 2013 those numbers were $2,590,000, $562,500, and $954,750
respectively. Days on the market in 2012 was 300 and in 2013 that number
dropped to 288...not a huge drop, but progress.
I think what we
are seeing here is some stabilization in the upper end market with more
normal sales numbers in 2013 after the big surge in sales in 2012.
Number of sales in 2013 probably could have been higher, but low
inventory for lakefront Lake Michigan homes pushed that number lower.