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Press Room

March 2017, The Housing Market in Southwestern Michigan

The housing market in March, rallied following the restrained results in February. Compared to a year ago, the market was up double digits for number of houses sold, total dollar volume and average selling price. The first quarter ended setting record numbers for year-to-date, total dollar volume and both year-to-date, average and median selling prices in our year-over-year comparison since 2006. This is a significant since 2016 surpassed previous housing market results and became the new peak year.

Fueling part of housing market’s rise is the very low inventory of houses for sale. At the end of March there were just 1,646 houses for sale compared to 1,991 houses in March 2016. This was a 17 percent drop in one year. At the end of March we had 5.4-months supply of houses for sale going into the peak selling season. Last year at the end of the quarter there was a 7.1-months supply. To give a perspective of how far the market inventory has fallen, in March 2010 there was 14.7-months supply of houses for sale.

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March 2017, SWMI Housing Market Sales Increased 17% from 2016

“The housing market in March, rallied following the restrained results in February. Compared to a year ago, the market was up double digits for number of houses sold, total dollar volume and average selling price. The first quarter ended setting record numbers for year-to-date, total dollar volume and both year-to-date, average and median selling prices in our year-over-year comparison since 2006. This is a significant since 2016 surpassed previous housing market results and became the new peak year,” stated George Lucas, President of the Southwestern Michigan Association of REALTORS®, Inc.

Read more: March 2017, SWMI Housing Market Sales Increased 17% from 2016

The Housing Market in Southwestern Michigan - September 2010

After the surge of homes sold during the first quarter, thanks to the Stimulus Tax Credit, we have seen a steady drop in the number of houses sold each month, compared to the same month in 2009, to the point that our year-to-date number has dipped 3 percent below where we were at in September 2009.? The good news for sellers is that we have continued to see the average and median selling prices steadily increase each month.? At the end of the third quarter, average and median selling prices were up 9 percent over selling prices at this time in 2009.? The higher selling prices have kept the year-to-date total dollar volume up 6 percent over last year.

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Read more: The Housing Market in Southwestern Michigan - September 2010

February 2016 - SWMI Housing Market Sales Up - Prices Drop

ST. JOSEPH, MI ? ?The housing market in February continued the positive pace started in January. The number of houses sold increased by double digits while the average and median selling prices held within 2 percent or less when compared to February 2015. Homebuyers in February found average and median selling prices that were significantly lower than in January,? stated Gary Walter, EVP, of the Southwestern Michigan Association of REALTORS?, Inc.

?The number of houses sold in February was up 14 percent over February 2015 (194 vs. 170). Sales in February were just 4 houses shy of the record set in February 2006 (198); which we consider to be the peak year for our local market. With the robust start in January, year-to-date, the number of houses sold were up 21 percent over 2015 (381 vs. 314),? said Walter.

Read more: February 2016 - SWMI Housing Market Sales Up - Prices Drop

SWMI Home Sales Increase - Prices Stay Up

ST. JOSEPH, MI ? ?After the number of closed homes slumped in September, October bounced back by 14 percent. We dropped 12 percent behind October 2009.? Year-to-date we have slipped 4 percent behind or 80 houses short of last year.? The dollar volume for closed transactions in October fell 19 percent below that in October 2009.? However, year-to-date total dollar volume remains up 2 percent for this year. As we entered into the fall months it is going to be interesting to see if the huge benefit of the Stimulus Tax Credit and current closed sales will keep us on par with last year,? stated Gary Walter, EVP, of the Southwestern Michigan Association of REALTORS?, Inc.

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Read more: SWMI Home Sales Increase - Prices Stay Up