In June, overall the number of houses sold in Cass County was 58; the same as in June 2016. Year-to-date, the number of houses sold slipped to 285 from 296 in 2016 for a 4 percent decline.
The number of waterfront homes sold in June increased 15 percent (23 vs. 20). Year-to-date, waterfront home sales were up 11 percent (82 vs. 74). Non-waterfront home sales dropped 8 percent from 38 in June 2016 to 35 in June 2017. Year-to-date, non-waterfront home sales were down 9 percent below sales in 2016 (203 vs. 222).
In June, the average selling price in Cass County for all homes sky rocketed 33 percent to $221,799 from $166,705 in June 2016. The median selling price for all homes in June jumped 10 percent to $154,500 from $140,250 in 2016.
The average selling price for waterfront homes nearly doubled. At $368,692 in June 2017, there was a 98 percent increase over the $185,790 set in June 2016. The median selling price for waterfront homes soared 61 percent to $290,000 from $180,000 in June 2016.
The average selling price for non-waterfront homes in June plummeted 20 percent ($125,269 vs. $ 156,661). The median selling price fell 29 percent to $ 90,000 from $127,000 in June 2016.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In Cass County, the number of bank-owned or foreclosed homes as a part of all closed transactions in June was 7 percent. This was the lowest percentage reached in June since 2014. It was also the lowest percent for the year. The highest percentage in June previously was 16 percent in 2014.
For comparison, last month in May a new record low was set in the number of bank-owned or foreclosed homes as a percentage of all transactions. That was 6 percent. In June the record was lowered to 5 percent. The previous lowest percentage was 8 percent in October 2016. In June 2009, the percentage was 36 percent.
Throughout SWMI, the housing market rolled into the peak season with buyers experiencing a small reprieve in selling prices. The average selling price in June increased only ½ percent from May 2017 ($225,091 vs. $224,204). Comparing June 2017 to June 2016, the average selling price only increased $1220 or again ½ percent ($225,091 vs. $223,871).
The SWMI housing market in June continued to shatter previous records in the year-over-year comparison that dates back to 2006 in all categories except one. The number of houses sold in June 2017 tied the record set in June 2006 at 388 houses sold.
The 388 houses sold in June resulted in an 11 percent increase over the 348 houses sold in June 2016. This becomes significant when you consider in June 2016, the inventory of houses for sale stood at 2386 and in June 2017 the inventory was 1982. So with a 17 percent drop in inventory, 40 more houses were sold.
From May to June 2017, the inventory of houses available for sale only grew by 26 houses (1982 vs 1956). This robust market was operating with an inventory at just 6.5-months supply of houses in May and June.
The total dollar volume for June increased 12 percent over June 2016 ($87,335,485 vs. $77,907,454). Year-to-date, the total dollar volume was up 15 percent ($355,292,735 vs. $310,108,424).
The median selling price of $165,250 in June 2017 increased 6 percent over the $156,000 set in June 2016. Year-to-date the median selling price rose 11 percent to $150,000 from $135,000 in 2016.
Overall in SWMI, the mortgage rate dropped slightly to 4.03 from 4.129 percent in May. Last year in June, the rate was 3.65. Nationally, the Freddie Mac mortgage rate in June was 3.88 compared to 3.94 percent in May for a 30-year conventional mortgage.
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 a Home…
You may think about selling your home yourself. But here is a fact that you should consider. Nearly nine out of 10 sellers, or 89%, wholeheartedly believe it’s important to work with an agent when selling. They also reported a median gain on the sale of their home of $40,000 more than they paid for it, according to NAR’s 2015 Profile of Home Buyers and Sellers. So by trying to sell the house yourself, you may be leaving money on the table while going to all the expense and effort of doing all the work alone in a vacuum. Contact a REALTOR® to help you navigate through this hot but still competitive housing market.
When Buying a Home…
The house will mean more than just a place to live. The number one reason to own a home is that it will increase your net worth. Based on the Federal Reserve’s 2016 data, Yun, chief economist of the NATIONAL ASSOCIATION OF REALTORS®, predicts it will show that homeowners will show between $225,000 to $230,000 in median net worth while renters will only have around $5,000. The second biggest impact home ownership does is to save you money when you pay your tax bill. Home owners can deduct state and local income and property taxes and mortgage interest and mortgage insurance payments. Ask your REALTOR® about other home ownership benefits. According to NAR’s 2015 Profile of Home Buyers and Sellers, nearly four out of five consumers, 78%, say their agent was a very useful source of information.
To view properties that are for sale in your local area go to www.swmar.com and click on “Property Search”. The Southwestern Michigan Association of REALTORS®, Inc. is a professional trade association for real estate professionals who are members of the National Association of REALTORS®, 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.