Housing Market in Southwestern Michigan, November 2015 | General Press Releases

The housing market in November held almost even in the number of houses sold last year, but selling prices sizzled. In November 2015, 222 houses were sold compared to 224 in November 2014. The average selling price for the month was up 27 percent and the median selling price was up 18 percent raising the total dollar volume for the month up 26 percent over November 2014.

Housing Market in Southwestern Michigan, November 2015 | General Press Releases

The total number of houses sold so far in 2015 surpasses all houses sold in 2014. In 2014, 3005 houses were sold. At the end of November this year, 3050 houses have sold which was the highest number sold year-to-date by November for the last 10 years. This number puts the market 10 percent ahead of the houses sold by the end of November 2014 when 2775 houses had sold.

The total dollar volume in November at $41,290,231was 26 percent higher than the total dollar volume set in November 2014 at $32,741,588. Year-to-date, the total dollar volume was up 13 percent over last year ($591,168,380 vs. $520, 890,605).

The average selling price in November increased 27 percent from November 2014 ($185, 992 vs. $146, 168). However, in October 2015 the average selling price was $214, 237 bringing in a 13 percent decrease in average selling prices. Year-to-date, the average selling price is up 3 percent ($193, 566 in 2015 vs. $187, 708 in 2014).

The median selling price in November 2015 jumped 18 percent from November 2014 ($120, 000 vs. $101, 750). Year-to-date, the median selling price was up 3 percent over this time in 2014 ($134, 000 vs. $130, 000). The year-to-date median selling price was the highest set over the last 10 years.

The median price is the price at which 50% of the homes sold were above that price and 50% were below.

The housing market inventory continues to decline. From November 2014 the number of houses for sale dropped 9 percent and the current level of 2169 houses would be a 7.9-months supply of homes for buyers at the current pace of sales. ?By comparison, in November 2010 there were 3160 houses for sale which was a 15.8-months supply.

The number of bank-owned or foreclosed homes as a part of all closed transactions increased to 18 percent from 9 percent set in October. The 9 percent reached in July and October this year was the lowest reached since 2009. In February 2009, 75 percent of all transactions were bank-owned or foreclosed homes.

Locally, the mortgage rate increased from 3.95 in October to 4.10 in November. Nationally, the Freddie Mac mortgage rate in November was 3.94 compared to 3.8 in October 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 your home ?According to the National Association of REALTORS? 2015 Profile of Home Buyers and Sellers, 89 percent of sellers used a real estate agent - up 1 percent from last year and 5 percent from 10 years ago. Only 8 percent of home sales last year were sold without a REALTOR? involved in the process. At this percentage, for-sale-by-owner sales or FSBOs have dropped to lowest level since NAR began tracking these sales in 1981. In fact, FSBO sales have dropped 5 percent in the last 10 years, down from 13 percent in 2005. As the real estate market becomes more competitive and complex, selling your home without professional help may prolong the process while you get up to speed learning all the steps necessary for selling your home.?? Call a local REALTOR? for knowledgeable advice in helping you sell your home and to protect your financial investment.

When buying your home ? You need to know your credit score day one in the process. Your credit score will greatly affect your ability to buy your dream home. A low credit score will increase your mortgage rate and may increase the amount of down payment or fees a lender may require. A high credit score will help you to get a lower mortgage rate and consequently lower monthly payments. A year before you start shopping you need to stop applying for new credit. Do not open new credit cards or purchase a new car. These activities will lower your credit score. Lenders want to see that you have stable spending habits. There are many other factors that could be road blocks or advantages for you in buying a house. Contact a REALTOR to help advise you in making the process to getting your dream smoother and more secure financially.

To view properties that are for sale in your local area go to www.swmar.com and click on ?Find Properties?. The Southwestern Michigan Association of REALTORS?, Inc. is a professional trade association for real estate licensees 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.