July housing sales continued to follow the trend for the past seven years with the number of units sold and closed in July (218) falling from the number sold and closed in June (263). The decline in 2011 was 17% while the decline in 2010 was 24%. When comparing July, 2011 (218) to July, 2010 (170) the unit sales were up 28%. This puts the year to date unit sales close to the same pace as last year. The average and median selling prices for July both dropped significantly from July, 2010.

Last year we had the stimulus tax credit factor but we also had selling prices that were going up. Now, we are seeing more houses being sold but at lower prices. The average price dropped 25 percent over July, 2010 ($155,087 vs.$206,732) but was up 9 percent over last month ($141,912).

Year-to-date, the average selling price was up 3 percent over last year. 

The median selling price for the month also fell behind last year by 19 percent ($102,000 vs. $125,750) and was down slightly from June ($102,980). July selling prices brought the year-to-date median selling price down 4 percent. The median price is the price at which 50% of the homes sold were above that price and 50% were below.

The bank-owned or foreclosed homes as a percentage of all transactions was 32 percent. This year we peaked in March at 47 percent.

As of July 31^st, we had 3311 houses listed for sale. At this level of inventory, based on the past 12 months of sales, our market has 16.4-month supply of houses. In July 2010, we had 3,821 houses listed for sale which at that time represented a 18.1-month supply of houses.

With the level of houses for sale, mortgage rates that are holding steady, this is a good time for buyers to find a good home.

Financing Rates At A Glance

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^®.

When selling your home….you want to make sure your home is secure and safe for your family and buyers are looking for the same thing. Is your house secure? First step is to walk around the outside of your house. Does anything look neglected, or overgrown? Trim shrubs away from windows and doors and front walks to prevent hiding places. All sides of your house should be well-lit with motion-activated lighting. This is an easy task that will alert you and neighbors if someone is lurking too close to your house. Check all door and window locks. Inside, go through each room and see what items like jewelry and cash should be removed and put in a home safe or a safety deposit box. Take a photo or video inventory of your home and store the inventory off site. Your Realtor can give you additional tips and promote your home's security measures in the listing.

When buying home…. is better to rent or buy? It depends on a number of factors. The key question is how long you will stay in a home or rental. Another factor is how independent do you want to be? A homeowner has control over their property but also has the responsibility of maintaining the home. Homeownership brings added benefits such as a fixed monthly payment for the term of the mortgage and tax deductions for mortgage interest. Renters must conform to landlord specified use of the rental and expect to see yearly increases in rental payment of three to five percent. There are a number of online calculators that can give you a general sense of buying verses renting. However, check with a Realtor too. He or she can give you insights and advice to help you have a clearer picture of the advantages of buying verses renting in your local housing market.

To view properties that are for sale in our local area as well as open houses, go to www.swmar.com and go to the "Property Search" area. 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.