Southwest Michigan Real Estate Market Continues To Slow Down

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realestate-safe-6

The real estate market in southwest Michigan continued to cool down in November. The Southwestern Michigan Association of Realtors says the region has had eleven straight months of home sales that were lower than the same month the year before. In November, sales were down 19% from October and 17% from November of 2021. The average selling price was up by 3% from the same month the previous year at $331,000. Housing inventory, a problem through out 2022, was up from November of 2021 by more than 60 homes across Allegan, Berrien, and Cass counties and the westerly two thirds of Van Buren County. However, the availability level dropped from a 4.1 month supply of homes for sale at the end of October to a 3.7 month supply at the end of November. For comparison, in November of 2010, there was a more than 15 month supply of homes available. Only one bank-owned, or foreclosed, house was included as a percentage of all transactions in November. That resulted in the percentage of all transactions falling to 0% again after the jump to 3% in October.