In April, the number of single family home sales in the South Haven zip code 49090 increased by 1 house over April 2017 (18 vs. 17). Year-to-date in 2018, single family home sales were down 18 percent (50 vs. 61).
The average selling price for single family houses in April increased 13 percent to $223,397 from $197,953 in April 2017. At $181,750, the median selling price for single family houses was down 19 percent from the April 2017 median selling price of $225,000.
Condo sales increased 1 condo in April 2018 (3 vs. 2). Year-to-date in 2018, condo sales were up 50 percent when compared to a year ago (12 vs 8).
The average condo selling price dropped 20 percent to $279,667 from $348,220 in April 2017. The median condo selling price fell 11 percent in April 2018 to $310,000 from $348,220 in April 2017.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
In April there was 1 bank-owned or foreclosed single family home included in the closed transactions in South Haven 49090. There were no foreclosed condos in April 2017.
For comparison the number of bank-owned or foreclosed homes as a percentage of all transactions in Berrien, 2/3 of Van Buren and Cass Counties increased in April to 8 percent from 7 percent in March. The previous lowest percentage in April was 10 percent in 2017. The highest percentage in April was 54 percent in 2009.
Throughout the area, the inventory of houses for sale in Berrien, Cass and the westerly 2/3 of Van Buren counties at the end of April was historically low at 1501 houses for sale. That inventory level was down 16 percent from April 2017 (1794). Couple the shrinking inventory with the prolong winter temperatures during April, buyers had fewer choices and perhaps less enthusiasm for purchasing homes.
The market had 4.9-months supply of houses for buyers at the end of April. That was a small increase from March when there was a 4.5-months supply. In April 2010, there were 3452 houses for sale which was 15.6-months supply.
The number of houses sold in April 2018 was down 4 percent from April 2017 (278 vs. 290). Year-to-date, home sales were down 7 percent (900 vs. 965).
Following two months of double digit increases in selling prices, the average selling price in April was nearly even with April 2017 ($213,923 vs. $214,125) and the median selling price was down 8 percent ($154,950 vs. $169,000).
Year-to-date, the average selling price was up 7 percent ($211,879 vs. $198,455) and the median selling price was up 10 percent ($149,950 vs. $135,900). Looking back in April in the year-over-year comparison, April 2018 had the highest average and median selling prices.
With fewer houses sold and the lower selling prices, the total dollar volume in April 2018 was down 4 percent from April 2017 ($59,470,755 vs. $62,096,508). Higher selling prices in February and March helped to keep the year-to-date total dollar volume almost even ($190,691,273 vs. $191,510,020).
Overall in SWMI, the mortgage increased to 4.602 from 4.577 percent in March. Last year in April, the rate was 4.243. Nationally, the Freddie Mac mortgage rate in April was 4.58 up from 4.44 in April for a 30-year conventional mortgage.
This data reflects home sales across Berrien, Cass and the westerly 2/3 of Van Buren counties and should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR®.
When Selling a Home…
Your Realtor and you are a team when it comes to listing your home at the right selling price. Your part is to let your Realtor know your needs, be upfront about what you think the price should be and to itemize any issues with your house or your financial position. Your Realtor will use MLS resources and personal knowledge of the local market to develop a market comparison – “Comps”. He or she first looks for sold houses that are similar in age, location, square footage and number of bedrooms and baths. The listing prices and selling prices are reviewed. Then your Realtor will look at listing prices for houses currently on the market – the competition. The pricing strategy also will include the state of the local market. Is it a seller’s or buyer’s market? Both can really make an impact on the listing price. Your Realtor evaluates all of these factors to arrive at a suggestion listing price. If you don’t agree with the suggested listing price, keep the discussion ongoing. Keep in mind that you are a team with your Realtor and both want the same result – to sell your house.
When Buying a Home…
The most exciting parts of the home-buying experience is walking through homes during private showings or open houses. However, don’t leap ahead before you have completed these basic steps. Find a Realtor and discuss your needs and wants so he or she can help target your search. Do online research to determine your likes and dislikes in housing styles, neighborhoods, schools, etc. Establish a relationship with a lender to get pre-approved for a loan. Now you will be the type of savvy buyer every seller will appreciate. Working with your Realtor, you can narrow down the number of houses that are attractive and begin the evaluation phase. While there are lots of questions about price and the seller’s motivation, here are some questions you need to ask that may impact your happiness with your dream home after closing - What are the average utility costs? - Are there any issues? - Have there been any renovations or recent repairs made to the home? Your Realtor can give you experienced advice to help you select the right house to be your new home.To view properties that are for sale in your local area go to www.michric.org and click on “Property 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 Van Buren, Berrien and Cass Counties. The Association can be contacted at 269-983-6375 or through their website at www.swmar.com.