SWM home sales continued to slow in February

Home sales in southwest Michigan were down in February from the same month a year earlier as the market continues to cool. The Southwestern Michigan Association of Realtors says the number of houses sold in February dropped 6% from February of 2022 with the level of sales in February the lowest since February of 2014. For the first two months of this year, the market was down 18%, with sales at 309 compared to 378 in February last year. In February of this year, the average selling price was $267,000, compared to $324,000 in February of 2022, a 17% drop. Year-to-date, the average selling price fell 9%. Meanwhile, inventory has been improving, up 27% and providing a 3.2-months supply at the end of February. The association says that level still needs to be higher for buyers searching listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties.