Cass County house sales fell in May by seven houses from sales in May 2023. Cass County’s average selling prices for all types of houses (waterfront and non-waterfront) rose 1 percent based on the increase in selling prices for waterfront houses.
When we refer to all or overall housing types, we combine results for waterfront and non-waterfront houses. In May, 42 houses were sold compared to 49 in May 2023. Sales of waterfront houses decreased by five houses in May 2024 (9 vs. 14). Non-waterfront houses slipped by two houses from sales a year ago (33 vs. 35).
The overall average selling price in May 2024 increased 1 percent to $320,549 from $317,095 in May 2023. The overall median selling price in May at $237,000 was 5 percent lower than the $250,000 median selling price in May 2023.
The average selling price for waterfront homes rose 12 percent to $617,666 from $552,557 in May 2023. The median selling price for waterfront homes increased 8 percent ($555,000 vs. $512,450).
In May, the average selling price for non-waterfront houses plummeted 20 percent to $239,517 from $298,511 in May 2023. The median selling price rose 21 percent to $210,000 from $174,000 in May 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 May 2024 (2%). The highest percentage in May previously was 16 percent in 2014.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions was 1 percent (2 houses). The previous low percentage was also 1 percent in May 2023, and the highest percentage in May was 34 percent in 2009.
For the unofficial opening of the 2024 peak selling season in Southwest Michigan’s housing market sales fell 12 percent from May 2023 and were 8 percent fewer than in April 2024. Selling prices continue to peak year-over-year, with May 2024 setting records and selling prices rising 3 to 4 percent higher than in May 2023. The inventory of houses rose 14 percent above that a year ago.
The number of houses sold in May plummeted 12 percent to 226 from 256 in May 2023. The level of sales in May 2024 fell to that in May 2009 (222). The highest number of sales in May was 352 in 2021. Year-to-date, sales were down 1 percent (983 vs. 995).
A good sign for the market is that the inventory of houses for sale increased 14 percent, generating a 5.0-months supply at the end of May (804 vs. 703). The inventory in April was 4.2-months supply for buyers searching listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties. For comparison, in May 2010, there were 3602 houses for sale.
In May 2024, the average selling price increased 4 percent to $416,819, compared to $401,016 in May 2023. Year-to-date, the average selling price rose 9 percent ($360,631vs. $330,498).
The median selling price in May 2024 increased 3 percent to $290,000 from $280,500 in May 2023. Year-to-date, the median selling price grew 10 percent to $265,000 from $240,000 in May 2023.
With fewer houses selling, the total dollar volume fell 8 percent in May 2024 ($94,617,931 vs. $102,660,128). The year-to-date total dollar volume climbed 8 percent ($354,500,753 vs. $328,871,978).
The Freddie Mac mortgage rate in May was 7.03, down from 7.17 in April for a 30-year conventional mortgage. A year ago, the rate was 5.1.
When Selling Your House…The first thing you should do is pick a REALTOR® to be the coach of your team. You need a coach to do the research that will set up the steps to beat the competition. Your coach will strategize a plan to market your house at the right price and bring in additional players needed to help sell your house quickly.
Your job on the team is to get your house in prime condition and deeply cleaned to make your home as appealing as possible. From day one, you should start moving out by getting rid of clutter and all the personal things that say you live there. You can also help by making a list of things about your home and the neighborhood that will be of interest to buyers.
Remember, selling your house is not a game but a serious financial process requiring a coach and team to work together continuously with no timeouts until you sign the closing papers.
When Buying a Home…You have three great financial advantages that you don’t have as a renter. First is a steady payment for the life of the mortgage. When you rent, the landlord sets your monthly payment, and you can expect year-after-year increases.
The second advantage is that you will build equity as you pay down your mortgage and thus increase your financial worth. The third advantage is that every year, you can deduct the amount of mortgage interest and property taxes from your income taxes, helping you reduce the amount of taxes that you owe.
There are many more advantages, and the best way to learn about them is to call a REALTOR®. A REALTOR® will help you with the process of making the right financial investment in your dream home.
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.
2024 SWMI & National Housing Market April Sales Bloom 27%, Selling Prices Set Records
