After two peak years in 2016 and 2017, the 2018 local housing market only outpaced the previous years in selling prices and total dollar volume. The housing market in January 2019 started out about where it was in 2015.
It is not unusual for January to be the least productive month of any given year. For a variety of reasons buyers and sellers push to close in December before year end. When we compare the number of houses sold and closed in December to January of the next year, there has been 25 to 37 percent drop in houses sold over the last five years. For example, home sales in January 2019 were 35 percent below sales in December 2018 (175 vs. 269).
Read more: January 2019, The Housing Market in Southwestern Michigan
In 2018, the number of single family home sales in the South Haven zip code 49090 decreased 20 percent when compared to 2017 (207 vs. 260). There number of single family houses sold in December 2018 slipped by 1 sale from December 2017 (11 vs. 12).
The average selling price for single family houses in 2018 soared 40 percent to $380,331 from $271,622 in 2017. The median selling price for single family houses in 2018 increased 16 percent over 2017 ($235,730 vs. $204,000).
Read more: December 2018, the Housing Market in South Haven 49090 and SWMI
Overall home sales in 2018 in Cass County slipped 4 percent (630 vs. 659). In December, the number of homes sold fell 27 percent from December 2017 (51 vs. 71).
The number of waterfront homes sold in all of 2018 decreased 8 percent over 2017 (185 vs. 201). The number of non-waterfront homes sold, dipped 3 percent to 445 from 458 in 2017.
In December 2018 the number of waterfront homes sold declined 54 percent to 12 from 26 in December 2017. Non-waterfront homes sales decreased 11 percent (40 vs. 45).
Read more: December 2018, The Housing Market in Cass County & SWMI
Our housing market has had three remarkable years in a row. At the end of 2016, we set a new peak year for sales, total dollar volume and average and median selling prices. The previous peak year was 2006 in year-over-year comparison. Then the market in 2017 finished by outpacing 2016 even with a shrinking inventory of houses for sale. When 2018 ended, it did not surpass 2017 in the number of houses sold but did set records for total dollar volume and selling prices.
Read more: December 2018, The Housing Market in Southwestern Michigan