Year-to-date the housing market is almost even with last year. Both the units sold and the average selling prices are tracking almost identical to last year. When you look at the sales in August this year and compare it to last year, more houses were sold this year but at lower prices. Selling prices in 2010 ranged from a low of $105,824 in February to a high of $ 206,733 in July with a run up from January – July and a decline through January 2011. This year the low was $141,912 in June and the high so far is $164,452 in August. The average selling prices have seen more stability this year than in the past two years.

The number of houses sold in August (256) bounced back17 percent over the houses sold in July (218)and 10 percent above houses sold in August 2010 (232). Year-to-date, there was just a 1 percent difference between August this year verses August 2010.  

Looking back, the total dollar volume for August dropped by 5 percent this year but year-to-date it is 1percent higher than last year. The average selling price in August dropped 14 percent to $164,452 from the escalated August 2010 price of $191,970. The median selling price fell 8 percent to $100,950 from $110,000 last year in August. Year-to-date, the average and median selling prices are slightly lower but only by a few dollars in the case of the average selling price

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

The good news is that in August, the number of bank-owned or foreclosed homes as a part of all closed transactions fell to 26 percent, the lowest point for the year. This percentage peaked in March at 47 percent. Most months the percentage has held near one-third of all transactions.

As of August 31^st, we had 3,325 houses listed for sale, which is a 12 percent decrease from the number we had in August 2010 (3757). This inventory level based on the last 12 month's sales gives us a 16.3 month supply of homes for sale, which is downfrom last year when we had a 17.8-month supply.

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 – Selling your house should not be a do-it-yourself project. Your home is a huge investment and the market is less than predictable. Plus, doing it right takes expertise and current knowledge of what is happening daily in the market. Putting a sign in your yard and hoping buyers will come is a real gamble. Getting the most for your home is best done through the guidance of a REALTOR^®.Your REALTOR^® has access to the most accurate local real estate data and combined with their local market knowledge can determine the right listing price that will attract qualified buyers. You may think that selling your house yourself will net you more money; however, home sellers who use a Realtor can expect to sell their homes for 16 % more, on average, than sellers who try to do it themselves, according to the National Association of REALTORS stats.

When buying a home – You may be wondering if buying a home is a smart financial decision these days, especially with some of the recent national media reports. The housing market is not one homogenized market. All real estate is influenced by local conditions. Buying or renting is an individual choice based on your aspirations and financial situation. There are many benefits to homeownership including financial, social, family, and personal benefits. It is a good time to buy a home in our local market. Prices are low and so are mortgage interest rates. Contact a local Realtor^® to learn if home ownership is a good move for you.

Put 9/25/10 on your calendar to attend the local REALTOR^® Harvest of Homes Open House Event. Search www.swmar.com for the open houses and their scheduled times.

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.