Just like in August, the housing market in September was at the same pace as a year ago. In most areas, the numbers varied less than a percentage point. The notable differences were the total dollar volume down was 3 percent, the average price was down a little over 2 percent and the median price was down 12 percent. This is a small margin of change and could suggest that the market is maintaining a more stable environment.

Comparing September to August, 26 percent fewer homes were sold but the average and median selling prices were up 7 and 9 percent. The mortgage rate continued its month-to-month decline, locally landing at 4.17 compared to 4.32 last month.

Two more houses were sold in September 2010 (192) compared to this year, however, year-to-date seventeen more homes were sold this year. That is how close the numbers are.

The average selling price in September dipped to $176,543 from $180,957 last year. Year-to-date, the average selling price is $883 less than a year ago ($158,353 vs. $159,236). The median selling price took the biggest drop in the year-to-year comparison, falling to $110, 000 from $125,750 last year.

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 at 29 percent was the second lowest month for the year. Peaking in March at 47 percent, last month the number of bank-owned or foreclosed homes fell to 26 percent, the lowest point for the year.  

As of September 30^th, we had 3,137 houses listed for sale, which is a 12 percent decrease from the number we had in September 2010 (3574). This inventory level based on the last 12 month's sales gives us a 15.4-month supply of homes for sale, which is down from last year when we had a 17.3-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 –It is a competitive market and making a great first impression is very important. Think of it as if your house is going on a first date with a prospective buyer. You have precious little time to capture a buyers' interest. You don't have to spend a lot of money. Just some time and elbow grease will do. Spruce things up from the curb to the basement. Keeping the lawn mowed, front door freshly painted and the welcome mat out adds a lot of appeal. Make your kitchen look spacious even it is not. Remove everything from the countertops and all the family clutter off the front of the refrigerator. Clean everything period. Use common sense and then ask your Realtor for more suggestions. He or she knows what your competition is doing. It is amazing how little things add up to make buyer take notice.

When buying a home – It is not just a financial investment. Owning a home is a personal and community investment. As you are shopping for a home, you become more interested in the schools and surrounding local governments. Studies show that homeowners are more likely to be involved and engaged in local issues than renters. The schools and local retail shops grow in importance to homeowners as they become part of the fabric of the neighborhood. The fact is homeowners stay in their community four times longer than renters. That stability helps prevent crime, improve childhood education and support neighborhood upkeep, all good things that benefit you and others.

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.