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Press Room

January, 2017-January SWMI Housing Market Sets New Record

“Buyers have not been deterred by the shrinking inventory of homes for sale in Southwestern Michigan. Last year, the housing market set records for home sales and selling prices nearly every month. In our year-over-year comparison, 2016 became the new peak year for the local housing market. It was a long road back from 2006, the previous peak year. January 2017 continued the record shattering trend. The number of houses sold, total dollar volume, and the average and median selling prices were higher than in January 2016 and also were higher than any previous January going back to 2006,” stated Philip Amodeo, Association Executive, of the Southwestern Michigan Association of REALTORS®, Inc.

Read more: January, 2017-January SWMI Housing Market Sets New Record

The Housing Market in Southwestern Michigan - January, 2017

Buyers have not been deterred by the shrinking inventory of homes for sale in Southwestern Michigan. Last year, the housing market set records for home sales and selling prices nearly every month. In our year-over-year comparison, 2016 became the new peak year for the local housing market. It was a long road back from 2006, the previous peak year. January 2017 continued the record shattering trend. The number of houses sold, total dollar volume, and the average and median selling prices were higher than in January 2016 and also were higher than any previous January going back to 2006.

Read more: The Housing Market in Southwestern Michigan - January, 2017

December 2016, Cass County Housing Market

Overall home sales in 2016 rose 5 percent (685 vs. 653). There were 10 months when the overall number of houses sold were 50 and above. The actual range was 50-78 homes in a month. Looking at all homes sold in December, there was a 20 percent increase over December 2015 (54 vs. 45).

The number of waterfront homes sold in 2016 increased 16 percent over 2015 (181 vs. 156). There were 504 non-waterfront homes sold in 2016 compared to 497 in 2015 for a 1 percent increase.

In December 2016 the number of waterfront homes sold jumped 75 percent to 14 from 8 in December 2015. Non-waterfront homes sales increased by 8 percent (40 vs. 37).

Read more: December 2016, Cass County Housing Market

December 2016, SWMI Housing Market Reaches New Peak in 2016

“Like climbing a ladder one rung at a time the SWMI housing market has reached the top rung. The housing market in 2016 posted the highest numbers across the board in our year-over-year comparison since 2006. The previous peak year was 2006. Then the housing market began to slide until 2012 when the number of houses sold yearly began to climb. 2016 will now be our new benchmark for a peak market year,” stated Philip Amodeo, Association Executive, of the Southwestern Michigan Association of REALTORS®, Inc.

Read more: December 2016, SWMI Housing Market Reaches New Peak in 2016

December 2016, South Haven Housing Market

In 2016, the number of single family home sales in the South Haven zip code 49090 increased 17 percent when compared to 2015 (226 vs. 193). There was just one more single family house sold in December 2016 versus December 2015 (16 vs. 15). The average selling price for single family houses in 2016 rose 7 percent to $280,371 from $261,775 in 2015.

The median selling price for single family houses in 2016 increased 2 percent over 2015 ($176,500 vs. $173,000).

In December, the average selling price for single family houses dropped 5 percent when compared to December 2015 ($250,238 vs. $261,993). The median selling price in December 2016 rose 25 percent to $216,250 from $173,000 in December 2015.

Read more: December 2016, South Haven Housing Market