While the housing market in April shattered all records, May missed one. The number of houses sold in May was down 4 percent from May 2016. Which boils down to sixteen fewer homes were sold. The smaller sales volume still resulted in records for total dollar volume and average and median selling prices in May in our comparison going back to 2006.
When you consider that the housing inventory dropped 14 percent from May 2016, it signals that buyers are still anxious to purchase a home and are competitive about it. At the end of May, there were 1,956 houses for sale compared to 2,283 houses in May 2016. At this level, we had just 6.5-months supply of houses for sale going into the peak selling season. For comparison, in May 2010 the inventory was at 3602 houses for sale which was 16.4-months supply.
Read more: May 2017, The Housing Market in Southwestern Michigan
In April, the number of single family home sales in the South Haven zip code 49090 dropped 15 percent when compared to April 2016 (17 vs.20). Year-to-date, the number of single family houses sold was up 15 percent (61 vs. 53).
The average selling price for single family houses in April declined 27 percent to $197,953 from $ 270,430 in April 2016. Year-to-date, the average selling price was up 27 percent ($280,962 vs. $ 221,063).
The median selling price for single family houses slipped 5 percent to $225,000 from $235,550 in April 2016. Year-to-date, the median selling price was up 3 percent ($190,000 vs. $ 185,000).
There were 2 condos sold in April 2017 compared to 4 in 2016. Year-to-date, condo sales were down by 2 when compared to 2016 (8 vs. 10). The average condo selling price soared 38 percent in April 2017 to $348,220 from $252,250 in April 2016. Year-to-date, the average selling price was up 28 percent ($253,759 vs. $198,400).
Read more: April 2017, Housing Market in South Haven 49090 and SWMI