Sales of single-family homes in October decreased by two houses, while there were no condo sales in October. Condo sales continued a five-month decline in the South Haven zip code 49090 housing market. Single-family house selling prices tumbled 32 percent.
There were 23 single-family home sales in October 2023 compared to 25 in October 2022. Year-to-date, sales have dropped 37 percent (190 vs. 229).
The average selling price for single-family houses in October 2023 fell 32 percent to $487,192 from $721,611 in October 2022. The median selling price for single-family houses dropped 29 percent to $345,000 compared to $484,900 in October 2022.
No condos were sold in October 2023, compared to 6 sold inOctober 2022.
Since there were no condo sales, there is no average selling price for condos to compare to the $721,611 average selling price in October 2023. The median selling price for condos in October 2022 was $421,500.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In October, there was one bank-owned or foreclosed single-family home, and no condos 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 decreased to 1 percent from 3 percent in September. It was at 3 percent in October 2022. The highest percentage in October previously was 34 percent in 2009.
Across SWMI, housing sales continued to decline and stayed below the sales level in October for the last ten years. October was the tenth consecutive month for sales to fall behind in the same month of 2022. Selling prices continued to set records, reaching the highest price in October, comparing back to beyond the peak years to 2006. However, selling prices increased by less than 6 percent.
The decreasing inventory of houses available for sale is the main contributor, with an 8 percent decrease in the level available from a year ago (802 vs. 873). With the lower sales volume, the months-supply level decreased slightly to 4.9 from 5.0-months supply in September for homebuyers. For comparison, in October 2010, there were 3385 houses for sale for a 16.6-months supply of houses.
The market is also restrained by the Freddie Mac mortgage rate for a 30-year conventional mortgage, increasing to 7.79 from 7.31 in September. In October 2022, the rate was 7.08, and in 2021, the rate was 3.14.
October house sales dropped 7 percent from October 2022 (273 vs. 294). Year-to-date in October, there were 2393 houses sold, compared to 2818 houses in October 2022, for a 15 percent decline in sales.
The average selling price in October 2023 increased 1 percent to $392,273 compared to $386,894 in October 2022. Year-to-date, in October 2023, the average selling price rose 6 percent to $361,102 from $341,454 in October 2022.
The median selling price in October 2023 at $274,500 rose 6 percent from $260,000 in October 2022. Year-to-date, the median selling price increased 4 percent ($260,000 vs. $249,250).
The total dollar volume in October 2023 dropped 6 percent compared to October 2022 ($106,950,822 vs. $113,747,087). The year-to-date total dollar volume fell 10 percent ($864,405,599 vs. $962,220,066).
When Selling a Home…
Before putting your house on the market, take a hard look at your kitchen. For many families, the kitchen is the hub of the house. So, potential buyers will envision themselves spending a lot of time in the kitchen when they walk through your home.
Does your kitchen look like it was done in the 90s or decorated in a faddish color like turquoise? You don’t need to remodel your kitchen… just neutralize it with timeless colors such as white, beige, or gray. You can add color to the room with rugs, dinnerware, and other colorful accessories.
Buyers will look beyond these items and think about how their things will look in the kitchen and appreciate the ease of moving into this important space with little decorative work on their part. Your REALTOR® works with buyers every day. He or she should be able to give insight into how buyers will react to your kitchen. The goal is to make your home as marketable and desirable as possible.
When Buying 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 at www.swmar.com.