The February housing market in the South Haven zip code 49090 saw a major decrease in single-family house sales and drastically higher selling prices for condos compared to February 2022.
Single-family home sales in February declined 61 percent from February 2022 (7 vs. 18).
The average selling price for single-family houses in February 2023 plummeted 36 percent to $349,414 from $548,311 in February 2022. The median selling price for single-family houses dropped 24 percent to $270,000 compared to $356,750 in February 2022.
This year there were three condos sold in February. Last year there were two condos sold.
The average selling price for condos soared 88 percent to $321,300 from $170,500 in February 2022. The median selling price sky-rocketed 98 percent to $337,000 from $170,500 in February 2022.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In February, no bank-owned or foreclosed single-family home or condos were included in the closed transactions in South Haven 49090.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions was 2 percent (4 houses) across Allegan, Berrien, Cass, and the westerly 2/3 of Van Buren Counties in February. The highest percentage in February was 75 percent in 2009.
All of Southwest Michigan’s housing market in February 2023 closed with lower sales and selling prices compared to February 2022, when sales were slightly higher, but selling prices set the record in the year-over-year market comparison that dates back to 2006.
The number of houses sold in February dropped 6 percent from February 2022 (158 vs. 168). The level of sales in February 2023 was the lowest since February 2014.
The inventory of houses for sale increased 27 percent, providing a 3.2-months supply at the end of February (613 vs. 480). 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 2009, there were 3099 houses for sale.
In February 2023, the average selling price was $267,416 compared to $324,027 in February 2022, a 17 percent drop. Year-to-date, the average selling price fell 9 percent ($283,109 vs. $311,243).
The median selling price in February 2023 increased by$550 to $225,000 from $224,450 in February 2022. Year-to-date, the median selling price stayed the same at $215,000.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
With lower sales, the total dollar volume decreased 22 percent in February 2023 ($42,251,729 vs. $54.436,579). The year-to-date total dollar volume dropped 26 percent ($87,480,386 vs. $117,650,192).
The Freddie Mac mortgage rate in February was 6.50, up from 6.13 in January for a 30-year conventional mortgage. A year ago, the rate was 3.89.
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 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 the coach and team to work together continuously with no time-outs until you sign the closing papers.
When Buying a Home…You have three significant 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.
The Housing Market in Cass County & SWMI
