Sales dropped significantly during February in Cass County while selling prices for waterfront houses soared but plummeted for non-waterfront houses.
When we refer to all or overall housing types, we combine results for waterfront and non-waterfront houses. So, in total, 23 houses were sold in February 2024 compared to 41 in February 2023. Sales of waterfront houses dropped by two houses in February 2024 (4 vs. 6). Non-waterfront houses drove the overall sales decrease, with sales diving 46 percent (19 vs. 35).
The overall average selling price in February 2024 increased 28 percent to $315,126 from $246,742 in February 2023. The overall median selling price in February at $185,000 was 7 percent lower than the $199,050 median selling price in February 2023.
The average selling price for waterfront homes surged 134 percent to $943,875 from $402,714 in February 2023. The median selling price for waterfront homes climbed 74 percent ($798,750 vs. $458,000).
In February, the average selling price for non-waterfront houses fell 16 percent to $182,757 from $216,414 in February 2023. The median selling price declined 11 percent to $170,000 from $190,439 in February 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, one bank-owned or foreclosed house was part of all closed transactions in February 2024 (4 percent). The highest percentage in February previously was 35 percent in 2014.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions was 6 percent (9 houses), the same as in January. The previous low percentage was 2 percent in February 2023, and the highest percentage in February was 75 percent in 2009.
All of Southwest Michigan’s housing market in February 2024 wiped out the sales gain started in January and closed with 6 percent lower sales compared to February 2023, while January 2024 had a 6 percent gain in sales. Selling prices rose to record levels for prices in February.
The number of houses sold in February dropped 6 percent from February 2023 (148 vs. 158). The level of sales in February 2023 was the lowest since February 2011.
For the first two months of this year, , with the gain in January, the market held sales to within one house from 2023 (308 vs. 309). The highest number of sales in February was 471 in 2021.
The inventory of houses for sale decreased 4 percent, providing a 3.7-month supply at the end of February (590 vs. 613). This level still needs to be higher for buyers searching listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties. For comparison, in February 2010, there were 2969 houses for sale.
In February 2024, the average selling price was $340,148 compared to $267,416 in February 2023, a 27 percent surge. Year-to-date, the average selling price increased 16 percent ($327,911 vs. $283,109).
The median selling price in February 2024 increased by $11,000 to $236,000 from $225,000 in February 2023. Year-to-date, the median selling price rose 14 percent to $244,500 from $215,000 in February 2023.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The lower sales but higher selling volume raised the total dollar volume 19 percent in February 2024 ($50,341,911 vs. $42,251,729). The year-to-date total dollar volume grew 15 percent ($100,996,656 vs. $87,480,386).
The Freddie Mac mortgage rate in February was 6.94, up from 6.63 in January for a 30-year conventional mortgage. A year ago, the rate was 6.50.
When Selling Your House…
If you are considering a remodeling project take a minute to discuss your plan with a REALTOR® to know if the project might cause a problem when you are ready to sell your home. A project that might appeal to you, like a swimming pool, may be a turn off to potential buyers. Your REALTOR® may also have advice on which types of renovation projects would add value to your home in terms of resale. You should also look at NAR’s Remodeling Impact Report to see what the average cost of a particular project is and compare those costs to bids from contractors. The goal of a remodeling project should be to make the home more enjoyable for you and appealing to potential buyers.
When Buying a Home…
It’s tax time, and you should know that one of the key benefits of home ownership is being able to deduct some of the costs of owning a home. One of the major costs is the mortgage interest you pay each month. In the early years of your mortgage, the interest amount can be the largest portion of your mortgage payment. Deducting the total interest amount for the year may make a huge difference in the amount you pay in taxes. If you just bought a house, you could also deduct the points you paid to get the mortgage, helping to reduce your tax bill even more. Property tax is deductible on a primary residence and a vacation home. Also, deductible is the interest you paid on a home equity loan. Call your REALTOR® to get details about how purchasing a home now can save you money on next year’s tax bill and other benefits of home ownership.
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.
New Playground Equipment for Howard Township Parks
