In 2022, the South Haven housing market saw the selling pace slow down, and selling prices take large swings. For example, the average selling ranged from $337,998 in July to $728,652 in April for single-family houses. The range for condos was $170,000 in January to $573,160 in November.
At the end of the year, 254 single-family houses sold compared to 304 houses in 2021for a 16 percent decrease. The average single-family selling price increased 7 percent in 2022 ($508,042 vs. $474,982). The median selling price slipped 4 percent to $355,750 from $370,000 in 2021.
Condo sales for the year totaled 48 in 2022, a 24 percent decrease from the 63 condos sold in 2021. The average condo selling price grew 17 percent to $395,982 from $339,399 in 2021. The median selling price rose 28 percent ($393,000 vs. $305,000).
In December, sales of single-family houses in the South Haven housing market decreased 56 percent from December 2021 (11 vs. 25). Condo sales dropped 83 percent in December 2021 (1 vs. 6).
The average selling price for single-family houses in December 2022 at $407,409 was 41 percent lower than a year ago when the selling price was $693,267. The median selling price for single-family houses dropped 45 percent to $265,000 compared to $484,600 in December 2021.
The average selling price in December for condos fell 25 percent to $336,000 from $446,619 in December 2021. The median selling price for condos decreased 21 percent to $336,000 from $429,975 in December 2021.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
For all of 2022, two bank-owned or foreclosed single-family houses were included as a part of closed transactions in South Haven 49090. There were no condos included in those transactions.
Across all of SWMI, there were two bank-owned or foreclosed homes as part of all transactions in December, which was 1 percent. For six months, the rate was 1 percent in 2022. The highest rate was 3 percent in February. The previous lowest percentage was 0 percent for three months, and the percentage was 2 percent for two months.
From 2016 until 2020, the housing market in SWMI experienced a rush of peak sales and selling prices. At the end of 2020, the market had celebrated four straight years of peak prices and sales. In 2021, the COVID shutdown ended in April, and homebuyers swept up the available inventory. At the start of 2022, the inventory had shrunk to a historically low level of 1.9-months supply, and the year ended with 3.3-months supply.
Mortgage rates rose from 3.55 in January and, at the end of the year, were 6.42. The number of houses sold each month in 2022 was lower than the same month in 2021. Average and median selling prices each month in 2022 were higher than the same month in 2021, except for July and December.
The numbers reported for local sales include residential property in Allegan, Berrien, Cass, and the westerly 2/3 of Van Buren Counties. They should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR®.
When Selling a Home…
Putting your house on the market is an exciting and emotional time. Your REALTOR® becomes your trusted advisor and guardian to protect your interests from the moment you sign the listing and the ‘For Sale’ sign goes up in the yard until you close and transfer ownership of your home.
Your REALTOR® will develop a strategy for marketing your home to potential buyers by using the Multiple Listing System to reach over 5,000 Realtors in 22 counties and using other resources to reach as many potential buyers as possible.
Your REALTOR® will stand by you to negotiate offers and then become a business manager overseeing all the important steps needed to get to a successful, timely closing. Your home is a big investment. Trust a REALTOR® to always act in your best interest.
When Buying a Home…
Owning a home has many advantages, and reducing the amount of tax dollars that you pay each year is one of the best. If you are renting, this is the time of year to look at what tax advantages you might have had if you were a homeowner. Your first tax deduction starts when you sign for your mortgage. The next time you file your taxes, you can deduct the mortgage interest you paid at closing as well as some of the closing costs, such as points and loan origination fees, as itemized deductions.
Second, you can deduct property taxes paid at closing and for every year thereafter. Then every year, you can deduct the amount of interest you pay on your mortgage. If you work from home and have a home office, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. Factoring the tax savings may help you reduce your overall housing cost. Contact a REALTOR® to learn more about the tax advantage and other advantages you can reap by owning a 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.