The Cass County housing market kicked off 2024 with a slight increase in the number of houses sold and a welcomed decrease in selling prices.
When we refer to all or overall housing types, we combine results for waterfront and non-waterfront houses. So, in total, 30 houses were sold in January 2024 compared to 27 in January 2023. Waterfront houses led to the slight increase in sales, finishing with an increase of 3 houses sold (7 vs.4), and non-waterfront houses stayed the same each year at 23.
The overall average selling price in January 2024 slid 9 percent to $276,545 from $304,291 in January 2023. The overall median selling price in January at $211,000 dropped 9 percent from $232,777.
The average selling price for waterfront homes dropped 33 percent to $403,710 from $605,000 in January 2023. The median selling price for waterfront homes tumbled 50 percent ($369,900 vs. $740,000).
In January, the average selling price for non-waterfront decreased 6 percent to $237,843 from $251,994 in January 2023. The median selling price plunged 14 percent to $185,000 from $215,000 in January 2023.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In Cass County, there were three bank-owned or foreclosed as a part of all closed transactions in January 2024: the same number for the last two years. The highest number in January previously was 12 in 2015.
For comparison, there were nine bank-owned or foreclosed homes as a part of all transactions which was 3 percent of transactions in Allegan, Berrien, Cass, and the westerly 2/3 of Van Buren Counties in January. The highest number in January was 57 percent of sales in 2009.
Winter weather did not slow down the housing market in January. For the first time in a year the number of houses sold in January was higher than the same month in the previous year. The furious pace of the SWMI housing market in previous years is still restrained by available inventory, high mortgage rates, and rising selling prices.
In January 2024, the market ended with a low inventory of 569 houses for sale from 639 houses for sale in January 2023. Homebuyers in Allegan, Berrien, Cass, and the westerly 2/3 of Van Buren counties are facing a 3.6-months supply of homes, up slightly from the 3.3 supply level in January 2023.
The Freddie Mac mortgage rate in January was 6.63, up slightly from the December rate of 6.42 and up from the 6.13 rate in January 2023 for a 30-year conventional mortgage.
The average selling price in January rose 6 percent to $317,702 from $299,531 in January 2023. The January 2024 average selling price was 4 percent lower than the $305,580 price in December 2023.
The January 2024 median selling price jumped 21 percent ($244,950 vs. $202,000). The median selling price in December 2023 was $233,501.
The total dollar volume at $50,645,745 was up 12 percent from the $45,229,257 collected in January 2023.
When Selling a Home…
When your REALTOR® schedules a showing or an open house, they will recommend that you leave while they show off your house to strangers, who will look under your sinks and peek into your closets. Why should you heed that advice? Because it makes good business sense for you.
- A homeowner’s presence can make it awkward for the buyer. Buyers want to make assessments on their own, without worrying about how the seller might react or try to influence them.
- Buyers may have trouble picturing themselves living in the house when the owner is right there.
- Sometimes, sellers say too much. You might point out something that you think is a nice feature or amenity of your home, when it’s something that might turn off a buyer. (That busy bar down the block may have been your favorite place, but it could be a deal breaker for a buyer looking for a peaceful block.) You might blurt out something that could tip your negotiating hand, like how motivated you are to sell (soon!), or that you always wanted to update the retro kitchen — but just never got around to it.
The last thing you want buyers to think after the showing or open house is, “This place needs work,” or “This seller is desperate — I have the upper hand.” So, let your REALTOR® take the lead. This won’t be their first rodeo. They know the nuanced ways to show your home in its best light so that buyers will oooh and ahhh. They also know how to strategically answer questions from buyers to help set you up for success later, during negotiation.
When Buying a Home…
After finding a REALTOR®, being pre-approved for a mortgage is one of the most critical steps potential homebuyers should complete. This is an assurance from a lender that the buyer is qualified to borrow up to a specific amount of money at a particular interest rate. It makes the buyer look more serious to sellers and, in a competitive market, can make a buyer stand out among a multitude of offers.
Buyers will need to collect at least two years of tax returns, several months of pay stubs and bank statements, as well documents that show any additional sources of income, like social security payments or alimony. Buyers should also check their credit report to make sure everything is accurate and take steps to correct any errors, as that could affect their interest rate or if they can even qualify for a mortgage.
To view properties that are for sale in your local area, go to www.swmar.com and click on “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 Allegan, Berrien, Cass, and Van Buren Counties. The Association can be contacted at 269-983-6375 or through their website at www.swmar.com.
2023 SWMI Housing Market – Sales Decline to 10-Year Low, Prices at Highest Point 
