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Press Room

June 2018, Existing Home Sales in June Dropped 6% in SWMI and Nationally

“At the halfway point of the year, the number of houses sold dropped 6 percent from a year ago (1595 vs.1694). The inventory of houses for sale continued to fall behind each month when compared to the same month in 2017. At the end of June, the inventory was down 9 percent. We had 1,798 houses for sale for buyers in Berrien, Cass and the westerly 2/3 of Van Buren counties. At this level there was 5.9-months supply of houses for sale. At the end of May there was 1,704 houses for sale. In 2010, the inventory was 16.9-months supply or 3679 houses,” stated Alan Jeffries, Association Executive, Southwestern Michigan Association of REALTORS®, Inc.

Read more: June 2018, Existing Home Sales in June Dropped 6% in SWMI and Nationally

June 2018, The Housing Market in South Haven 49090 and SWMI

In June, the low inventory of houses for sale resulted in a 39 percent drop in the number of single family home sales in the South Haven zip code 49090 (19 vs. 31). Year-to-date in 2018, single family home sales were down 25 percent (89 vs. 119).

The demand for single family homes boosted both average and median selling prices. The average selling price for single family houses in June increased 48 percent to $370,318 from $250,526 in June 2017. At $288,500, the median selling price for single family houses was up 65 percent from the June 2017 median selling price of $175,000. Year-to-date in 2018, the average selling price for single family home sales was up 20 percent and the median selling price was up 13 percent.

Read more: June 2018, The Housing Market in South Haven 49090 and SWMI

June 2018, The Housing Market in Southwestern Michigan

At the halfway point of the year, the number of houses sold dropped 6 percent from a year ago (1595 vs.1694). The inventory of houses for sale continued to fall behind each month when compared to the same month in 2017. At the end of June, the inventory was down 9 percent. We had 1,798 houses for sale for buyers in Berrien, Cass and the westerly 2/3 of Van Buren counties. At this level there was 5.9-months supply of houses for sale. At the end of May there was 1704 houses for sale. In 2010, the inventory was 16.9-months supply or 3679 houses.

Read more: June 2018, The Housing Market in Southwestern Michigan

June 2018, The Housing Market in Cass County & SWMI

June non-waterfront home sales increased 51 percent and pushed the overall home sales in Cass County up 31 percent (76 vs. 58) when compared to sales in June 2017. This was true for overall sales year-to-date with a 10 percent increase in home sales (313 vs. 285).

Waterfront home sales in June 2018 were the same as in June 2017 at 23. At the end of the first half of the year, there was only 1 more house sold (83 vs. 82).

The overall average selling price dropped 3 percent in June 2018 even with waterfront prices increasing 5 percent and non-waterfront prices increasing 12 percent ($214,781 vs. $221,799). The median selling price for all homes in June was the same both years at $154,500.

Read more: June 2018, The Housing Market in Cass County & SWMI

May 2018, SWMI Housing Market - Sales Down Due to Low Inventory

“Since March, the momentum in number of houses sold has picked up while the increase in the housing inventory has been very marginal. The low inventory has kept the number of houses sold down 6 percent year-to-date. After two years of breaking records in the number of home sales, this year sales have fallen to fourth place in the year-over-year comparison back to 2006. In just the month of May 2018, the number of houses sold fell 4 percent below May 2017 (328 vs. 341),” stated Alan Jeffries, Association Executive, Southwestern Michigan Association of REALTORS®, Inc.

Read more: May 2018, SWMI Housing Market - Sales Down Due to Low Inventory