SWMI Housing Market Remains Hot For Sellers

It continues to be a red-hot sellers market for existing homes in the area. The Southwestern Michigan Association of Realtors reports June sales tied the record set in June 2006 with 388 homes sold, which was up 11% from the same time last year. Inventory was down by 17%, making the jump in the number of homes sold significant. Prices were steady with May, going up just a half-percent for the average selling price compared both to May and June 2016. The average stands at just over $225,000. The association calls the market “robust,” noting there is just a 6.5-month supply of homes on the market. Another record low was set for sales of bank-owned or foreclosed homes as a percentage of all transactions, which has fallen to 5%, breaking May’s record of 6%.