In August, sales in the South Haven zip code 49090 dropped by one house and one condo behind August 2023. Selling prices of single-family homes increased slightly while selling prices for condos fell significantly.
There were 23 single-family homes sold in August compared to 24 in August 2023. Year-to-date, single-family house sales were down 8 percent (133 vs. 144).
The average selling price for single-family houses in August 2024 increased 2 percent to $474,473 from $466,974 in August 2023. The median selling price for single-family houses rose 7 percent to $370,000 compared to $345,892 in August 2023.
This year, three condos were sold in August versus two in August 2023. Year-to-date, condo sales are down 17 percent (19 vs. 23).
The average selling price for condos decreased 19 percent to $461,666 from $573,250 in August 2023. The median selling price for condos declined 43 percent to $325,000 in August 2024 from $573,250 in August 2023.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In August, no bank-owned or foreclosed single-family homes or condos were included in the closed transactions in South Haven 49090. There have been no bank-owned or foreclosed single-family homes or condos in all of 2024 in the South Haven zip code 49090.
For comparison, the number of bank-owned or foreclosed homes as a percentage of all transactions rose to 2 percent after holding at 1 percent since May. There were eight houses included. The previous lowest percentage was 0 percent in August 2022, and the highest percentage in August was 36 percent in 2009.
In August, the housing market broke the 300 bar in sales for the first time in 2024. House sales surpassed sales at the same time in the previous year for the fourth time in 2024. Selling prices continued to rise and set records in the year-over-year comparison that reaches back to 2006.
The number of houses sold in August increased 5 percent from August 2023 (330 vs. 315). In July 2024, sales, reached 299 houses. Year-to-date, 1853 houses were sold in August 2024, a sliver down from the 1860 houses sold in August 2023.
The Inventory of houses for sale increased 15 percent in August 2024 (973 vs. 848). This growth raised the supply level to 6.0-months which was up from 4.9-months in August 2023. For comparison, in August 2010, there were 3757 houses for sale for a 17.8-months supply of houses for homebuyers.
The average selling price in August 2024 dipped 2 percent to $387,235 compared to $396,933 in August 2023. The August selling price rose slightly higher than in July 2024 when the average selling price was $387,290. Year-to-date, in 2024, the average selling price grew 3 percent to $368,335 from $356,101.
The median selling price in August 2024, $300,000, increased 7 percent from $281,000 in August 2023. Year-to-date, the median selling price increased by 8 percent ($275,000 vs. $255,000).
The total dollar volume in August 2024 increased 2 percent compared to August 2023 ($127,787,719 vs. $124,889,612). The year-to-date total dollar volume increased 3 percent ($682,526,064 vs. $662,266,254).
The Freddie Mac mortgage rate in August was 6.35, down from 6.73 in July for a 30-year conventional mortgage. A year ago, the rate was 7.18.
When Selling a Home…This is the time of the year you want to keep your home looking good and add to the curb appeal.
#1 Take Advantage of End-of-Season Sales
When back-to-school season strikes, retailers are ready to move on from summer, and they offer deep discounts to clear out outdoor wares, such as rakes, shovels, fertilizer, and other yard supplies. Save by stocking up for next spring now.
#2 Prepare Lawn for Fall Seeding
If you plan to seed your lawn this fall, get ready by filling in any low spots, removing weeds, and ordering the specific grass seed you need. That’ll commit you to reseed, which you’ll thank yourself for this time next year. Besides killing your curb appeal, those low, bare spots in your lawn tend to create puddles — perfect breeding grounds for mosquitoes.
#3 Install a Patio
If your August is hot and the summer rains have slowed, it’s prime time to install a patio, a terrific value-adding feature. These conditions make it easier to keep pavers level and speed up the drying time for concrete.
When Buying a Home…
What are the advantages of buying a house?
Benefit #1: Long-term Financial Growth
When it comes to long-term, stable financial growth, real estate is your ace in the hole. If you bought a home 30 years ago for the median price at the time — about $105,900 — that same home would have appreciated by almost $280,000 in 2022 to about $384,900, according to the National Association of REALTORS®. Even factoring in the lowest point for the market in recent memory — the Great Recession — home values have risen over time and have kept pace with inflation.
Benefit #2: Building Equity
The down payment and the principle in your monthly mortgage payment go straight to your equity. Rent money just goes. You can use this equity over time to:
- Trade up to your next home.
- Borrow money to pay for home repairs and renovations.
- Use it to consolidate debt or help pay for college.
Thanks to equity, the typical net worth of homeowners is $300,000 compared with $8,000 for renters, according to 2022 NAR data.
Benefit #3: Tax Savings
Equity is savings, and when you sell a primary residence, you don’t typically pay taxes on the gain. You can take up to $250,000 ($500,000 for a married couple) without owing taxes. All that appreciation goes with you on your next adventure.
Benefit #4: Deduction of Property Costs
If you itemize, you also can deduct some of your property costs from your federal taxes. Those include the annual interest you pay on your mortgage, your state and local property taxes up to $10,000, and, in the year you buy, some of the fees you paid to close on the home.
Benefit #5: Fixed-rate Mortgage Payment
Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your relative housing costs may go down the longer you own the home. That is, if your earnings go up, a static mortgage payment means your home debt load becomes a smaller percentage of your monthly nut.
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
