Low Inventory Holds Back SWM Home Sales In February

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The housing market in southwest Michigan is tight as the Southwestern Michigan Association of Realtors says available houses, or inventory, are down to a two month supply, a record low. For February, the number of houses sold dropped 16% from February 2021 and 20% from the month before. The level of sales in February was the lowest since February of 2014. The association says the average and median selling price in February 2022 and year-to-date selling prices soared double digits to set new record prices in the year-over-year comparison that dates back to 2006. In February, the average selling price was $324,000 compared to $265,000 the year before, up 22%. The association says the low inventory has made things more difficult for buyers. In February, the homes available in Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties were down to 480. For comparison, in February 2009, there were 3099 houses for sale in the region.