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Press Room

May 2017, The Housing Market in Southwestern Michigan

While the housing market in April shattered all records, May missed one. The number of houses sold in May was down 4 percent from May 2016. Which boils down to sixteen fewer homes were sold. The smaller sales volume still resulted in records for total dollar volume and average and median selling prices in May in our comparison going back to 2006.

When you consider that the housing inventory dropped 14 percent from May 2016, it signals that buyers are still anxious to purchase a home and are competitive about it. At the end of May, there were 1,956 houses for sale compared to 2,283 houses in May 2016. At this level, we had just 6.5-months supply of houses for sale going into the peak selling season. For comparison, in May 2010 the inventory was at 3602 houses for sale which was 16.4-months supply.

Read more: May 2017, The Housing Market in Southwestern Michigan

April 2017, Housing Market in South Haven 49090 and SWMI

In April, the number of single family home sales in the South Haven zip code 49090 dropped 15 percent when compared to April 2016 (17 vs.20). Year-to-date, the number of single family houses sold was up 15 percent (61 vs. 53).

The average selling price for single family houses in April declined 27 percent to $197,953 from $ 270,430 in April 2016. Year-to-date, the average selling price was up 27 percent ($280,962 vs. $ 221,063).

The median selling price for single family houses slipped 5 percent to $225,000 from $235,550 in April 2016. Year-to-date, the median selling price was up 3 percent ($190,000 vs. $ 185,000).

There were 2 condos sold in April 2017 compared to 4 in 2016. Year-to-date, condo sales were down by 2 when compared to 2016 (8 vs. 10).  The average condo selling price soared 38 percent in April 2017 to $348,220 from $252,250 in April 2016. Year-to-date, the average selling price was up 28 percent ($253,759 vs. $198,400).

Read more: April 2017, Housing Market in South Haven 49090 and SWMI

April 2017, The Housing Market in Cass County & SWMI

In April, overall the number of houses sold in Cass County increased 5 percent over April 2016 (60 vs. 57). Year-to-date, the number of houses sold dropped to 172 from 186 in 2016 for an 8 percent decline.

The number of waterfront homes sold in April increased by 43 percent (20 vs. 14). Year-to-date, water front home sales were up 5 percent (42 vs. 40). Non-waterfront home sales decreased 7 percent in April 2017 (40 vs. 43). Year-to-date, non-water front home sales fell 11 percent below sales in 2016 (130 vs. 46).

In April, the average selling price in Cass County for all homes rose 35 percent to $221,069 from $163,380 in April 2016. The median selling price for all homes in April skyrocketed 66 percent to $ 190,500 from $115,000 in 2016.

The average selling price for waterfront homes dipped 4 percent in April to $316,204 from $330,500 in April 2016. The median selling price for waterfront homes increased 8 percent to $280,000 from $ 260,000 in April 2016.

Read more: April 2017, The Housing Market in Cass County & SWMI

April 2017, The Housing Market In Southwestern Michigan

The housing market in April broke all records for houses sold, total dollar volume, and average and median selling prices in our year-over-year comparison back to 2006. And the year-to-date numbers also shattered previous records. This was significant since 2016 became the peak year for the housing market and the percentage increase for April 2017 was 6 to 26 percent above April 2016.

In addition, the April average and median selling prices jumped 11 and 30 percent respectively, over March selling prices.

The 16 percent drop in the number of houses for sale continues to fuel the record setting pace that we saw in April. At the end of April there were 1,794 houses for sale compared to 2,134 houses in April 2016. This gave us just a 5.9-months supply of houses for sale going into the peak selling season with a very tiny increase over the inventory in March of 1646 which was a 5.4-months supply. In April 2010, the inventory was at 3452 houses for sale and at 15.6-months supply.

Read more: April 2017, The Housing Market In Southwestern Michigan