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If you're contemplating the purchase or sale of a home in West Michigan, gaining a solid grasp of the present real estate data is essential. Being well-versed in market trends and statistics will equip you with the knowledge needed to make informed choices and enhance your readiness for the buying or selling journey. Through a careful examination of factors like the average home prices, inventory quantities, and days on the market, you can evaluate the degree of competition, appraise property values, and establish an appropriate pricing strategy.
Here are a few takeaways...
Saugatuck / Douglas
- Average list price was up 53.07% in August of 2023 ($1,467,046) vs August of 2022 ($958,394).
- There were 6 sold listings in August of 2023 vs 11 in August of 2022; number of pending listings went down 28% with 10 in August of 2023 vs 14 in August of 2022; and number of new listings was also down 52% with 11 in August 2023 and 23 in August of 2022.
Holland
- Average list price was up 14.13% to $625,442, and average sale price was also up 29.90% to $438,930 in August 2023 vs August 2022.
- Number of sold listings was down 32% to 63, number of new listings was down 28% to 82 vs August of 2022 in Holland. Active listings were also down 23% to 159 from 208.
Grand Haven / Spring Lake
- Average list price is up 15.78% in August 2023 vs August 2022.
- Number of active listings in Spring Lake and Grand Haven was down 19% (167) in August 2023 vs August 2022 (207).
As the temperatures cool and the leaves begin to change color, the real estate market continues to buzz with activity. The cooler weather creates an ideal backdrop for buying and selling homes. However, amidst this bustling market, a persistent challenge lingers: limited inventory. The demand for homes continues to outpace the available supply, making it a competitive landscape for buyers. With fewer options to choose from, finding the perfect property becomes a greater task. Both buyers and sellers must navigate this hurdle, strategizing and acting swiftly to secure desirable homes or attract potential buyers. Despite the inventory challenge, the end of summer real estate market provides an exciting opportunity for those eager to make their next move.
Saugatuck / Douglas
11
New Listings
30
Active Listings
10
Under Contract
6
Closed Sales
Average Sale Price
Decreased
7.35%
Vs August 2022
$627,944
Average Sales Price
2.1
Months of Supply
26
Average Days on Market
$404.12
Average Price per Square Foot
Holland
82
New Listings
159
Active Listings
64
Under Contract
63
Closed Sales
Average Sale Price
Increased
29.90%
Vs August 2022
$438,930
Average Sales Price
1.66
Months of Supply
28
Average Days on Market
$269.23
Average Price per Square Foot
Grand Haven / Spring Lake
60
New Listings
167
Active Listings
57
Under Contract
51
Closed Sales
Average Sale Price
Increased
26.05%
Vs August 2022
$460,570
Average Sales Price
2.39
Months of Supply
16.5
Average Days on Market
$265.86
Average Price per Square Foot
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