DID YOU KNOW? HOUSING MARKET WRAP UP FOR 2017

By the numbers:
2016 set a peak, record year for the housing market in our area and 2017 outpaced 2016.

>Total of 3733 houses sold in our region for 2017 (2016 was 3589)

>Total of $811,829, 286 in total volume sold (2016 was $718,654,703)

>Average selling price: $217,473 (2016 was $200, 238)

>At year end 2017 there was 1365 houses for sale in our market (Berrien, Cass and 2/3 of Van Buren counties) which was down 9 percent from 2016 and roughly HALF of 2010’s inventory.

>January-April 2017 percent of bank owned properties – 10%-13%

>May-November 2017 percent of bank owned properties – 4%-6%

>Interest rate at year end – 4.075 (2016 was 4.375) (National was 3.99)

*other interesting fact, in August 418 houses sold which is the first time since 2005 a single month broke the 400 threshold.  

ALL INFORMATION WAS TAKEN FROM AN ARTICLE FROM THE SOUTHWESTERN MICHIGAN ASSOCIATION OF REALTORS.  Article can be found on http://swmar.org