Buyers have not been deterred by the shrinking inventory of homes for sale in Southwestern Michigan. Last year, the housing market set records for home sales and selling prices nearly every month. In our year-over-year comparison, 2016 became the new peak year for the local housing market. It was a long road back from 2006, the previous peak year. January 2017 continued the record shattering trend. The number of houses sold, total dollar volume, and the average and median selling prices were higher than in January 2016 and also were higher than any previous January going back to 2006.
Read more: The Housing Market in Southwestern Michigan - January, 2017
Overall home sales in 2016 rose 5 percent (685 vs. 653). There were 10 months when the overall number of houses sold were 50 and above. The actual range was 50-78 homes in a month. Looking at all homes sold in December, there was a 20 percent increase over December 2015 (54 vs. 45).
The number of waterfront homes sold in 2016 increased 16 percent over 2015 (181 vs. 156). There were 504 non-waterfront homes sold in 2016 compared to 497 in 2015 for a 1 percent increase.
In December 2016 the number of waterfront homes sold jumped 75 percent to 14 from 8 in December 2015. Non-waterfront homes sales increased by 8 percent (40 vs. 37).
Read more: December 2016, Cass County Housing Market