For the last three months we have seen selling prices fluctuate but many other factors have held stable. Since September, the number of houses sold has held steady ranging from 190 to 199 houses sold per month. Over the same time, the number of foreclosed transactions has been at or near the lowest percentages for the year. The local mortgage rates for the last three months have hovered just slightly above the 4 percent rate. The average selling price took a significant dive in October, dropping 16 percent from September but now has bounced back 15 percent in November to $170,600. The median selling price over the three months held almost even for September and October but dropped 19 percent in November to $88,000.

For the most part this year in November our market surpassed where we were in November 2010. The number of houses that sold and closed jumped 15 percent over the number sold in November 2010 (193 vs. 168). This brings the market back to about where it was November 2009.

The total dollar amount soared 24 percent this November over last year ($32,925,704 vs. $26,543, 475). While the average selling price was up 8 percent ($170,600 vs. $157,997), the median selling price declined 7 percent ($88,000 vs. $ 95,000).

Looking at year-to-date numbers, from August to November we have seen the market keep pace with what the market was doing a year ago. This cumulative trend suggests that the market is moving to a more stable, sustainable environment. Comparing year-to-date figures, the number of houses sold (2144 vs. 2122), dollar volume ($339,871,599 vs. $340,160,177)), and average selling price ($158,522 vs. $160,302), were all within 1percent of the same figures at the close of November last year. The only exception is the year-to-date median selling price which fell to $98,900 from $103,750 a year ago, a 5 percent drop.

The median price is the price at which 50% of the homes sold were above that price and 50% were below.

The number of bank-owned or foreclosed homes as a part of all closed transactions increased slightly to 32 percent from 26 percent in October. Since July, the percentage of foreclosed transactions has stayed in the range of 26-32 percent. The number of bank-owned or foreclosed transactions peaked in March at 47 percent.

As of November 30^th, we had 2,807 houses listed for sale, which is an 11 percent decrease from the number we had in November 2010 (3160). This inventory level based on the last 12 month's sales gives us a 13.8-month supply of homes for sale, which is down from last year when we had a 15.8-month supply.The inventory has steadily declined since November 2008 when the inventory was at 16 months.

This data reflects home sales across Berrien, Cass and the westerly 2/3 of Van Buren counties and should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR^®.

Financing Rates At A Glance

When selling your home –The holiday season can be stressful enough without adding the fact that you are trying to sell your home too. Too lessen your stress, talk to your REALTOR® to set strategies for positioning your home for sale during the holidays and to get tips for preparing your home to be appealing to buyers. It is important to remember the same tips suggested for non-holiday times as you decorate or step back to look at your current decorations. Keep everything clean looking, reduce clutter, and scale back to avoid a crowded look that results in rooms appearing smaller. Your front door is the grand entrance to your home (and the buyer's first impression) so keep the sidewalk free of snow and the area well lighted and nicely decorated.

When buying a home – If the fairy godmother knocked on your door and offered you three wishes - more wealth, a monthly housing payment that would not go up and yearly tax reductions, would you take the deal? Who doesn't want more money, steady housing payments and to pay less taxes? This is what happens when you own your own home and quit renting. Historically, home owners' net worth has ranged from 31 to 46 times that of renters. A fixed-rate mortgage might not change for 15 to 30 years; rent typically increases 3% per year. The mortgage interest you pay is a tax deduction that can help lower your overall state and federal tax payments. A bonus to the community is that for every home purchased $60,000 is pumped into the economy. Talk to your REALTOR to learn more about the current benefits of homeownership.

To view properties that are for sale in your local area go to www.swmar.com and click on "Find Properties". The Southwestern Michigan Association of REALTORS^®, Inc. is a professional trade association for real estate licensees and ancillary service providers for the real estate industry in Van Buren, Berrien and Cass Counties. The Association can be contacted at 269-983-6375 or through their website at www.swmar.com.