The SWMI housing market for all eleven months of 2017 has continued to surpass nearly all records set in 2016. November 2017 was slightly higher in the number of houses sold, total dollar volume, and average selling price than November 2016. The median selling price, however, soared 17 percent higher than in November 2016. The year-to-date numbers in 2017 were solidly ahead of 2016 which became the new peak year in our year-over-year comparison back to 2006.
When we look at the numbers set in November 2017, all were the highest recorded in the year-over-year comparison with the exception of the November 2017 average selling price. At $202,582, the average selling price in November 2017 fell just short of the November 2007 average selling price of $206,381.
The year-to-date numbers in 2017 were all the higher than any previous numbers set in the year-over-year comparison back to 2006.
The number of houses sold in November 2017 increased 2 percent to 295 over 289 in November 2016. Year-to-date, the number of houses sold rose percent (3461 vs. 3295).
The inventory of houses for sale plunged 15 percent to 1601 in November 2017 from 1877 houses for sale in November 2016. The local inventory dropped to 5.2-months supply. For comparison, in 2010 the inventory level was at 15.8-months supply.
The average selling price increased just slightly less than 2 percent to $202,582 in November 2017 from $199,042 in November 2016. Year-to-date, the average selling price increased 8 percent ($216,372 vs. $200,309).
At $160,000, the November 2017 median selling price was up 17 percent from $137.000 a year ago. For the third month in a row, the year-to-date median selling was $155,000 vs. $140,000 in 2016.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The total dollar volume increased 4 percent in November 2017 over November 2016 ($59,761,638 vs. $57,523,192). Year-to-date, the total dollar volume remains up 14 percent ($748,862,791 vs. $660,221,446)
Our local housing market for the last seven months held the number of bank-owned or foreclosed homes as a percentage of all transactions to between 4 to 6 percent. In November the percentage was 5 percent. The previous lowest percentage in November was 12 percent in 2016. The highest percentage in November was 36 percent in 2010.
Locally, the mortgage rate dipped slightly to 4.06 from 4.125 percent in October. Last year in November, the rate was 3.92. Nationally, the Freddie Mac mortgage rate in November was 3.90 versus 3.94 in October 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…
So you signed an agreement with a buyer to purchase your house. Now you can sit back and wait to collect a check. Wrong. Before closing you still have steps you need to complete to keep your sale from falling apart. For example, if the sale is contingent upon making repairs, you need to complete the repairs right away and do the repairs right. No quick cover up. If something breaks after you signed the agreement you still need to fix it because your buyers will do a pre-closing walk through and will expect the home to be in the same condition as when they made the offer. Develop a plan to help you keep the deadlines that you agreed to in the contract. Probably the biggest deadline you will have to meet is the move out date. Making a list of tasks will keep you focused and help to reduce some of the stress with the moving process. Don’t try to hide anything. If you owe something where your house is used as collateral, pay it. The title search, done before closing, will discover any liens against the property. These are just a few suggestions of what you should expect at this stage in the selling stage. Ask your REALTOR® for more insights so you don’t miss a step and you will sail through to the end of the home selling process successfully.
When Buying a Home…
With all the online tools available, you still will fine the home buying process made simpler by working with a REALTOR®. Why? Buying a home is one of the most significant financial transactions a person will make in his or her lifetime, and according to a new report from the National Association of REALTORS®, 87 percent of all buyers will use a real estate agent to help navigate the transaction. More than half of the home buyers surveyed in the report (52 percent) said want they wanted most from their agent was having help finding the right home. When it comes to finding an agent, most buyers (42 percent) used an agent via a referral from a friend, neighbor or relative, and seven in 10 buyers only interviewed one agent before hiring someone. So if you want to find your dream home and make a good investment contact a REALTOR® for help.
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.