Cass County’s housing market almost mirrored sales in June 2023. Cass County’s average selling prices for all types of houses (waterfront and non-waterfront) sky-rocketed 29 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 June, 50 houses were sold, the same as in June 2023. Sales of waterfront houses increased by one house in June 2024 (11 vs. 10). Non-waterfront houses slipped by one house from sales a year ago (39 vs. 40).
The overall average selling price in June 2024 increased 29 percent to $366,420 from $284,176 in June 2023. The overall median selling price in June at $275,000 was 33 percent higher than the $207,450 median selling price in June 2023.
The average selling price for waterfront homes soared 65 percent to $762,121 from $461,200 in June 2023. The median selling price for waterfront homes increased 44 percent ($640,000 vs. $445,000).
In June, the average selling price for non-waterfront houses increased 6 percent to $254,812 from $239,920 in June 2023. The median selling price rose 35 percent to $250,000 from $185,150 in June 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, no bank-owned or foreclosed houses were part of all closed transactions in June 2024. The highest percentage in June previously was 9 percent in 2015.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions across all of SWMI stayed at 1 percent as it was in May. The previous lowest percentage was 1 percent in June 2022 and 2021, and the highest percentage in June was 36 percent in 2009.
Halfway through 2024, sales-to-date were down 4 percent from June 2023. June housing sales increased 7 percent above that in May 2024 (241 vs. 226), helping to build the peak selling season. The good news for buyers is that inventory grew 17 percent from June 2023, and average selling prices dropped from prices in May 2024. In the year-over-year comparison, the average and median selling prices in June 2024 dropped below the record-setting prices for June in the year-over-year comparison dating back to 2006.
The number of houses sold in June plunged 15 percent from June 2023 (241 vs. 283); the market hasn’t experienced this level of sales in June since 2010. Year-to-date, 1224 houses were sold in June 2024, compared to 1278 houses in June 2023, for a 4 percent decline in sales.
The inventory of houses for sale grew 17 percent above the level available a year ago (889 vs. 760). Due to the lower sales volume, the months’ supply level increased slightly for homebuyers to 5.7 from 4.3-months’ supply a year ago. For comparison, in June 2010, there were 3679 houses for sale for a 16.9-months’ supply of houses for homebuyers.
The average selling price in June 2024 fell 15 percent to $349,616 compared to $411,289 in June 2023. Year-to-date, in 2024, the average selling price in June rose 3 percent to $358,462 from $348,227.
The median selling price in June 2024, $275,000, shrank 3 percent from $284,500 in June 2023. Year-to-date, the median selling price increased by $15,000 ($265,000 vs. $250,000).
The total dollar volume in June 2024 tumbled 18 percent compared to June 2023 ($84,257,669 vs. $102,660,128). The year-to-date total dollar volume slipped 1 percent ($438,758,422 vs. $444,977,444).
The Freddie Mac mortgage rate in June was 6.86, down from 7.03 in May for a 30-year conventional mortgage. A year ago, the rate was 6.71.
When Selling Your House… So, you are not getting any offers at your asking price. Lowering your price is an option to consider. Another suggestion is to talk to your REALTOR® about other reasons your house is turning buyers away. There could be things about your home that you overlook day in and day out.
For example, have you neglected exterior maintenance? Buyers may not even get out of the car if they see chipped paint, clogged gutters, etc., because they assume the rest of the house has not been maintained. Dingy lighting or unclean light fixtures will keep buyers from seeing details like crown molding and make rooms look smaller. Old carpet isn’t necessarily a deal-breaker, especially in bedrooms, but stained or worn-out carpet? Buyers will likely submit low offers so they can replace them.
Buyers want to see the kitchen, not all the small appliances you own, and your pile of mail. So clear the countertops of everything. Bad smells are a big turn off. You might not be able to smell pet odor, so this might be a good question for an honest answer from your REALTOR®.
Just a small amount of time and attention to details will increase your home’s value and selling price, and make the investment so worthwhile.
When Buying a Home… The journey to finding your dream house should start by finding a REALTOR® who knows your community well, and you can trust the advice he or she will give. One of the first suggestions given should be getting pre-approved for a mortgage. Your REALTOR® will have experience with local lenders and can explain the differences between the types of lenders.
Why is this step so important? There’s a world of difference between being pre-qualified for a loan and being pre-approved. Pre-qualified is an approximation of your ability to buy.
With a pre-approval, a lender typically goes deeper and tells you more specifically how big a loan you can get. Pre-approval is proof that you can buy. Pre-approval puts you in a better position when you make an offer. Everyone takes you more seriously. Pre-approval provides evidence to your real estate agent and the seller (or seller’s agent) that a trusted financial institution is willing to finance the purchase.
Keep in mind that just because the lender says you can take out a loan for an amount doesn’t mean you should. Consider your lifestyle and monthly budget to decide on a responsible loan amount for you.
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.