Tuesday, January 21, 2014

Lake Michigan Sales Statistics Montague to Onekama 2012 vs 2013

Lake Michigan waterfront single family home sales for the areas of Montague, Shelby, Pentwater, Ludington, Manistee and up to Onekama.  In 2012 there were 31 homes sold with at an average sale price of $570,468, and took an average of 248 days to sell the 31 homes.  The high sale price was $1,000,000, a 3600 sqft home on 10 acres and 273' of lake frontage in Freesoil; the low was $240,000, a 811 sqft foreclosure with 91' of lake frontage in Ludington;  the median sale price was $535,000, a 2220 sqft home with 140' of water frontage in Manistee. 
Compare that to 2013 when there were 37 homes sold along the lake, a 19% increase, at an average of $670,587, a 17% increase, and average marketing time of 359 days, a disappointing 44% increase.  The high sale in 2013 was $2,500,000, a 1700 sqft log home with 818' of water frontage in Manistee; the low was $250,000, a 1790 sqft tear-down home with 60' of frontage in Manistee; the median was $540,000, a 1785 sqft home with 60' of water frontage in Shelby.   As you can see, the values of lake homes are all over the board and really depend on the height of the bluff and quality of the lot--having a nice home doesn't hurt either.
In case you are wondering, which I know you are, there are currently 39 homes on the market and 2 pending in that same market area at an average of $495,000 and 40 currently listed at an average of $848,296 and have been on the market an average of 339 days.  This means the gap between the average sale price of last year and the average listing price currently is $177,709, or 26%.  When you figure a seller normally gets about 95% of their list price, either the market is set to increase again like it did from 2012 to 2013, or sellers are going to have to come down a bit.  We will see.

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