Sales in the Cass County housing market took a major leap over September 2023. House sales increased 22 percent from 2023. Cass County’s average selling prices for all types of houses (waterfront and non-waterfront) rocketed 26 percent, with selling prices for waterfront houses rising 29 percent and non-waterfront houses growing 13 percent.
When we refer to all or overall housing types, we combine results for waterfront and non-waterfront houses. In September, 45 houses were sold, compared to 37 in September 2023. Sales of waterfront houses increased by five houses in September 2024 (15 vs. 10). Non-waterfront houses increased by three houses from sales a year ago (30 vs. 27).
The overall average selling price in September 2024 jumped 26 percent to $455,642 from $360,598 in September 2023. The overall median selling price in September at $375,000 rose 60 percent from the $235,000 median selling price in September 2023.
The average selling price for waterfront homes climbed 29 percent to $723,333 from $562,800 in September 2023. The median selling price for waterfront homes slipped 2 percent ($550,000 vs. $563,250).
In September, the average selling price for non-waterfront houses increased 13 percent to $321796 from $285,709 in September 2023. The median selling price sored 43percent to $279,500 from $195,000 in September 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 was one bank-owned or foreclosed house included in all closed transactions in September 2024. The highest percentage in September previously was 14 percent in 2015.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions dropped back to 1 percent from the one-month increase of 2 percent in August. There were four houses included. The previous lowest percentage was 0 percent in September 2022, and the highest percentage in September was 37 percent in 2009.
At the end of the peak selling season of 2024, house sales dropped 23 percent in September from August (255 vs. 330). August was the record month for the year in sales. Selling prices in September over the last nine years continued to rise and set records in the year-over-year comparison that reaches back to 2006.
The number of houses sold in September decreased 2 percent (four houses) from September 2023 (255 vs. 259). Year-to-date, 2108 houses were sold in September 2024, less than 1 percent (eleven houses) below the 2119 houses sold in September 2023.
The inventory of houses for sale continued to grow. In September, it increased 20 percent compared to September 2023 (998 vs. 830). This growth raised the supply level to 6.2-months, up from 6.0-months in August 2024. For comparison, in September 2010, there were 3574 houses for sale for a 17.3-months supply of houses for homebuyers.
The average selling price in September 2024 rose 10 percent to $400,339 compared to $365,279 in September 2023. The September average selling price was the second highest in 2024, with May reaching $416,819. Year-to-date, in 2024, the average selling price grew 4 percent to $372,233 from $357,233.
The median selling price in September 2024, $285,000, increased less than 1 percent from $282,950 in September 2023. Year-to-date, the median selling price increased by 6 percent ($275,000 vs. $259,450).
The total dollar volume in September 2024 increased 8 percent compared to September 2023. ($101,732,164 vs. $94,454,730). The year-to-date total dollar volume grew 3 percent ($784,388,228 vs. $756,720,984).
The Freddie Mac mortgage rate in September was 6.08, down from 6.35 in August for a 30-year conventional mortgage. A year ago, the rate was 7.31.
When Selling a Home… Setting the selling price of your house can be tricky. To you, your home is filled with memories and the investments you made doing renovations and year-to-year maintenance. To buyers, your home is a house with a bunch of rooms.
Determining the value of your house requires setting aside emotions. Working with a REALTOR® will give you the expertise and local knowledge to advise on how to price your house, so it doesn’t languish on the market.
The most common pitfalls sellers fall into include thinking your house is so great that you list it too high, and buyers will pass over it during the new listing phase. The longer your house sits on the market, the less likely you will get your asking price.
Next, thinking that your price should include expensive upgrades. Your REALTOR® can help you assess the market value of your upgrades.
Finally, pricing your home to make a certain amount of money is the wrong approach. Your REALTOR® will research the market to see what other houses in your area are selling for. Your REALTOR® also knows the market, the inventory of houses for sale, and how your home compares to others in the area.
When Buying a Home…
Before you step foot in a house for sale, you should take several steps to prepare and spend significant time to help you make a wise investment in a new home.
First, prioritize what you most want in a home. You’ll make a much better decision on what home to buy if you focus on your priorities. And list what trade-offs you are willing to make.
Start interviewing REALTORS®, specifically buyer’s agents. A buyer’s agent will work in your best interest to find the right property, negotiate with the seller’s agent, and shepherd you through the closing process. Your agent can also be instrumental in finding a lender who is familiar with first-time homebuyer programs.
Next, start budgeting for miscellaneous homebuying expenses. Buying a home has some miscellaneous upfront costs. A home inspection, title search, property survey, and home insurance are examples.
Your REALTOR® can help you with good advice through the rest of the steps.
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.
The Housing Market in South Haven 49090 and SWMI
