The current market snapshot has been released from SWMAR, the local Association for REALTORS here in Southwestern MI. I am the incoming President of the Association and appreciate the following information.
The Sunset Coast of Michigan is alive and well!
HOMEOWNERSHIP MATTERS! It is a great time to buy! Call your local REALTOR and let us put to work for you, our information and experience.
The Housing Market in Southwestern Michigan
As we entered into the fall months it is going to be interesting to see if the huge benefit of the Stimulus Tax Credit and current closed sales will keep us on par with last year. The continual decline in mortgage rates, which are now at a 50-year record low, is making home ownership more affordable and attractive than renting. A year ago, October mortgage rates were at 5.22 locally and now they have dropped to 4.47. A positive sign for sellers is that the year to date average selling and median prices are remaining above last year's.
After the number of closed homes slumped in September, October bounced back by 14 percent.
We dropped 12 percent behind October 2009. Year-to-date we have slipped 4 percent behind or 80 houses short of last year. The dollar volume for closed transactions in October fell 19 percent below that in October 2009. However, year-to-date total dollar volume remains up 2 percent for this year..
October's average selling price declined 8 percent from a year ago ($170,512 vs. $185,919) while the median price jumped 13 percent ($127,000 vs. $112,250). Year-to-date the average selling price was up 7 percent and the median price was up 10 percent. The median price is the price at which 50% of the homes sold were above that price and 50% were below.
While the foreclosed homes situation is still making the news, we keep experiencing a market with two-thirds of the homes sold and closed completed through normal transactions. Transactions involving foreclosed or bank owned properties were at 30 percent in October. In September we were at 31 percent and in July we hit our lowest point at 24 percent. The lowest point in 2009 was 34 percent.
On October 31st, we had 3,385 houses listed for sale, which is a 5 percent drop from the number of houses listed for sale in September and 5 percent less than in October 2009. With this inventory level, based on the last 12- month's sales, we have a 16.6-month supply of homes for sale. Last year in October our inventory was at 17.8 months.
This data reflects home sales across Berrien, Cass and the westerly 2/3 of Van Buren counties and should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR®.
Financing Rates At A Glance
|
Ave. 30 Year Fixed Rate |
Aug |
Sept |
Oct |
|
Local Rates |
4.49 |
4.47 |
4.47 |
|
National Rates (Freddie Mac) |
4.43 |
4.35 |
4.23 |
September 18th, 2010 12 p.m. - 6 p.m.
John E.N. Howard Band Shell, Port St.
Downtown St. Joseph
Farewell to Southwestern Michigan's summer with live Blues, refreshing Brews and local BBQ! The John E. N. Howard Bandshell and Port St. play host to the second version of this event. The infamous Bean Bag tourney also returns to the streets of St. Joe! Round Barn Ale. LOCAL FUN! It is going to be a blast. St. Joseph, the Sunset Coast on Lake Michigan ROCKS!!
The Bandshewll has been host to summer concerts three times weekly and I thought I had attended the last one, which happened to also be BLUES with Keith Scotton Labor Day Sunday, but NO, St. Joseph thrills me again with BLUES BREWS and BBQ on the 18th. SOOOOOO looking forward to it. See you there!
Not far from the Sunset Coast, St Joseph MI. Lake Michigan, is a great town called Valporaiso in nearby Indiana. Thay are having a cool festival, really fun! Valparaiso Annual Popcorn Festival has become a September staple for Beach Coast inhabitants. This year's fest is Saturday, September 11th held in the heart of downtown Valparaiso incorporating a theme of "Popcorn in Paradise."
This is Valparaiso's 32nd year hosting the ode to Orville Redenbacher's popcorn legacy which attracts around 50,000 attendees every year making Valparaiso the place to be this weekend.
The downtown event will host over 200 arts & crafts booths along with more than 30 food vendors. Events that happen outside the downtown area are the Cutest Baby Contest, Rotary Popcorn Open, and the 20th Annual Kiwanis Hot Air Balloon Show (September 10th and 11th).
There will also be live music on two different stages Saturday along with a kids play place. It'll be fun for the whole family! Go to www.valparaisoevents.com for more information for this weekend's festivities.
The Southwestern Michigan Association of REALTORS SUITCASES for KIDS Collection Drive is ongoing and ready for completion October 7th. Three counties of Foster Care Children will benefit from the results.
REALTORS and Affiliates are collecting at any area office and DONATIONS are needed. Personal grooming items, tshirts, undergarments, diapers and small items for comfort are needed. Items must be new. The area quilt guild has joined forces and the incredible cuddle cloths and wonderful quilts are coming in. They are amazing. Please call if you have questions or donations.
Lets prove that REALTORS DO MAKE A DIFFERENCE!
Contact the MLS Board office 269-983-6375 or Doreen Johan 269-429-5252
 |
|
|
RE/MAX Sunset Coast REALTOR/Co-Owner, 2009 Association REALTOR of the Year, Officer serving SWMAR Association President Elect 2010, Active on Finance, Technology & Public Relations Committee
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
