SWM Housing Inventory Low, Sale Prices Soar

real-estate-safe-234
real-estate-safe-234

The inventory of homes for sale grows tighter and tighter in southwest Michigan as sale prices soar. The Southwestern Michigan Association of Realtors says in its latest report the average selling price from February to March of 2021 increased 26% from $265,000 to $335,000. Meanwhile, homes for sale have decreased by 45% from a year ago. The number of houses sold in February was 200, and in March, 278 houses were sold for a 39% increase from one month to the next month. The association says the sales would have been even higher if there weren’t inventory limitations. The number of bank-owned or foreclosed homes as a percentage of all transactions was 3% in February and stayed the same in March. In January, the rate was 4%. The previous lowest percentage was 7% in March 2018. The highest percentage in March was 60 percent in 2009.