In October, sales in the South Haven zip code 49090 dropped by four houses and increased by one condo compared to October 2023. Selling prices of single-family homes increased while selling prices for condos sky-rocketed.
There were 19 single-family homes sold in October compared to 23 in October 2023. Year-to-date, single-family house sales were down 9 percent (173 vs. 190).
The average selling price for single-family houses in October 2024 decreased 1 percent to $481,972 from $487,192 in October 2023. The median selling price for single-family houses rose 29 percent to $445,000 compared to $345,000 in October 2023.
This year, one condo was sold in October, versus no sales in October 2023. Year-to-date, condo sales were even at 28 in both 2024 and 2023.
The average and median selling prices for the condo were $1,200,000.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In October, 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 jumped to 3 percent from 1 percent in September. There were eight houses included. The previous lowest percentage was 1 percent in October 2021, and the highest percentage in October was 34 percent in 2009.
In October, the local SWMI housing market nearly mirrored the market results in October 2023. Sales were higher in October than in September (269 vs. 255). Selling prices increased 2 percent in October 2024 over October 2023. Selling prices in October over the last four years continued to rise and set records in the year-over-year comparison back to 2006.
The number of houses sold in October decreased by 1 percent (four houses) from October 2023 (269 vs. 273). Year-to-date, 2376 houses were sold in October 2024, less than 1 percent (seventeen houses) below the 2393 houses sold in October 2023.
The inventory of houses for sale continued to grow in October, rising 19 percent above the level in October 2023 (953 vs. 802). For comparison, in October 2010, there were 3385 houses for sale for a 16.6-months supply of houses for homebuyers.
The average selling price in October 2024 increased 2 percent to $400,250 compared to $392,273 in October 2023. The October average selling price was the third time in 2024 that the average selling price rose above the $400,000 mark, with May reaching $416,819 and September $400,339. Year-to-date, in 2024, the average selling price grew 4 percent to $375,419 from $361,102.
The median selling price in October 2024, $279,500, increased less than 2 percent from $274,500 in October 2023. Year-to-date, the median selling price increased by 7 percent ($277,000 vs. $260,000).
The total dollar volume in October 2024 increased 1 percent compared to October 2023. ($108,512,158 vs. $106,950,822). The year-to-date total dollar volume grew 3 percent ($892,492,886 vs. $864,405,599).
The Freddie Mac mortgage rate in October climbed to 6.72 from 6.08 in September for a 30-year conventional mortgage. A year ago, the rate was 7.79.
When Selling Your House… Selling a home during the winter months can be an overwhelming undertaking. For most families, the holidays are already stressful, so adding the task of selling your house to the mix could seem overwhelming. However, there are many advantages to selling a home in the colder months.
The housing inventory is always lower in the winter as many potential sellers take their homes off the market to wait until spring. This means that there are fewer listings and much less competition. Decorating a house for the holidays also takes care of the need to improve curb appeal and any home staging.
Additionally, winter buyers are also usually incredibly motivated. If someone is visiting open houses instead of spending the holiday season with friends and family, they most likely need to buy a home quickly.
Your local REALTOR® can give you advice based on current activity near you.
When Buying a Home… Buying a home is a life changing process involving financial and emotional decisions. This is true for first-time and repeat homebuyers. It may be the largest financial transaction you will make.
Start by looking at three things – how much cash do you have, what is your credit score and what is your debt ratio. Lenders like to see a 20 percent down payment, but many low payments loan programs, such as FHA loans, may only require as little as 3.5 percent down payment.
The higher your credit score, the better your chances of getting a loan to get a loan at a lower interest rate. If your credit score is low, request a full report and look for errors that affect your score. Lenders will also want to compare your debt-to-income ratio. So, when you add up all your bills and divide by your monthly income what percentage number do you get? Lenders typically want this number to be less than 43 percent, according to the Consumer Financial Protection Bureau.
Contacting a REALTOR® who knows the local lending market, in addition to the housing market, will help you to easily navigate all the steps to buying 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.
The Housing Market in Cass County & SWMI
