April 19, 2014
1:52 pm

Record Home Sales for SW Michigan

As the third quarter of 2013 came to a close the housing market in Michigan's Great Southwest finished reasonably strong compared to year ago numbers with all key factors up, year-over-year...and with September setting a new record for houses sold in that month.  The 301 homes sold in September 2013 not only represents a 19-percent increase over the same month a year ago, it marks the highest number of houses sold in the month of September for any year on record, including the peak sales year of 2006.  

Gary Walter, Executive Vice President of the Southwestern Michigan Association of REALTORS, says, "For the last five months, the number of houses sold has been close to or over the 300 level.  In June the number of houses sold was 295, and in August 325 was the highest level for the year."  

Total dollar volume generated by those sales in September was up by 14-percent over the same month last year and scores the highest total dollar volume for a September in the last seven years.  This September's sales clocked in at $60,677,499.00 compared to $53,769,593.00 in September of 2006.

The average selling price of $201,586.00 slipped 4-percent below the average selling price of a year ago when it registered $209,423.00.  However, the September average selling price was 17-percent higher than the average selling price just one month earlier in August, when the average price was $172,971.00.  That's a spike in average pricing of more than $28,600.00.

The median selling price was also 5-percent higher, year-over-year, at $126,500.00 vs. $120,000.00 a year ago.  It also represented a 2-percent increase over the August median selling price which checked in at $124,000.00.  

So far this year, 2,320 houses have sold and closed representing a total dollar volume of $420,510,471.00 on an average selling price year-to-date of $181,255.00 and a median price of $122,000.00.  (The median price is the price at which 50% of the homes sold were above that price and 50% were below.)

With regard to local mortgage rates, September's rate on average was 4.68% compared to 4.59% in August, compared to a national Freddie Mac mortgage rate in September of 4.49% for a 30-year conventional, fixed-rate mortgage.  

The inventory for houses for sale, locally, peaked at 12.6-months supply in June, according to Walter.  He says that for most of the year, "We've been at or below a year's supply of houses for sale to cover our market.  In September, the inventory dropped to 11.9-months supply with a total of 2,843 houses for sale."  

Local sales numbers posted by Walter represent residential property in Berrien County and the western half of Van Buren and Cass Counties.  
Filed Under :
Topics : Business_Finance
People : Gary WalterVan Buren