In June, the low inventory of houses for sale resulted in a 39 percent drop in the number of single family home sales in the South Haven zip code 49090 (19 vs. 31). Year-to-date in 2018, single family home sales were down 25 percent (89 vs. 119).
The demand for single family homes boosted both average and median selling prices. The average selling price for single family houses in June increased 48 percent to $370,318 from $250,526 in June 2017. At $288,500, the median selling price for single family houses was up 65 percent from the June 2017 median selling price of $175,000. Year-to-date in 2018, the average selling price for single family home sales was up 20 percent and the median selling price was up 13 percent.
Read more: June 2018, The Housing Market in South Haven 49090 and SWMI
At the halfway point of the year, the number of houses sold dropped 6 percent from a year ago (1595 vs.1694). The inventory of houses for sale continued to fall behind each month when compared to the same month in 2017. At the end of June, the inventory was down 9 percent. We had 1,798 houses for sale for buyers in Berrien, Cass and the westerly 2/3 of Van Buren counties. At this level there was 5.9-months supply of houses for sale. At the end of May there was 1704 houses for sale. In 2010, the inventory was 16.9-months supply or 3679 houses.
Read more: June 2018, The Housing Market in Southwestern Michigan