“Last year in August the SWMI housing market set the record for the number of houses sold in the year-over-year comparison with 418. But the average and median selling prices dropped after fairly steady increases during the months leading up to that time. This year in August the number of houses sold dropped 7 percent from August 2017 (387 vs. 418). And the average and median selling prices increased,” stated Alan Jeffries, Association Executive, Southwestern Michigan Association of REALTORS®, Inc.
Read more: August 2018, Existing Home Sales Drop 7% While Prices Increase in SWMI
In August, the Cass overall housing market fell 17 percent from August 2017 (72 vs. 87). The decline was solely the result of non-waterfront homes sales dropping by 15 homes (44 vs. 59). The same number of waterfront homes, 28, sold in August 2018 and 2017.
Year-to-date, overall home sales were up 3 percent (453 vs. 441). Waterfront home sales, year-to-date, increased by three houses (135 vs. 132). Non-waterfront home sales, year-to-date, were up 3 percent (318 vs. 308).
The overall average selling price increased by 6 percent ($227,790 vs. $213,985). Year-to-date, the overall average selling price grew just by $2,030 for a 1 percent increase ($202,380 vs. $200,350). The overall median selling price at $172,450 was up 3 percent over the $167,500 price in August 2017. Year-to-date, the overall median selling price was up by $300 ($152,000 vs. $151,700).
Read more: August 2018, The Housing Market in Cass County & SWMI