In November, the local SWMI housing market continued to set new records for selling prices. Sales were up over November 2023 (228 vs. 206). The inventory of houses for sale swelled by roughly 1200 houses in November compared to November 2023,” stated Alan Jeffries, Association Executive, Southwestern Michigan Association of REALTORS®, Inc.
Jeffries continued, “The number of houses sold in November increased by 1 percent from November 2023 (228 vs. 206). Year-to-date, 2606 houses were sold by the end of November, up 23 percent (six houses) over the 2600 houses sold in November 2023.”
The inventory of houses for sale sky-rocketed by 1190 houses above the level available in November 2023 (1950 vs. 760). This level of houses gave homebuyers a 5.7-months supply, down from 5.9-months supply in October. For comparison, in November 2010, there were 3160 houses for sale for a 15.8-months supply of houses for homebuyers.
The average selling price in November 2024 increased 20 percent to $408,817 compared to $341,990 in November 2023. The November average selling price was the fourth month in 2024 when the average selling price rose above the $400,000 mark. In May, the highest price for the year reached $416,819. Year-to-date, in 2024, the average selling price grew 5 percent to $378,328 from $359,102.
The median selling price in November 2024, $268,500, increased 1 percent from $265,000 in November 2023. Year-to-date, the median selling price increased by 6 percent ($275,000 vs. $260,625).
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The total dollar volume in November 2024 increased 31 percent compared to November 2023. ($93,210,493 vs. $71,159,000). The year-to-date total dollar volume grew 5 percent ($985,923,379 vs. $935,594,599).
The number of bank-owned or foreclosed homes as a percentage of all transactions decreased to 2 percent from 3 percent in October. There were four houses included. The previous lowest percentage was 0 percent in November 2022, and the highest percentage in November was 36 percent in 2010.
The Freddie Mac mortgage rate in November increased to 6.81 from 6.72 in October for a 30-year conventional mortgage. A year ago, the rate was 7.22.
Nationally:
Existing-home sales grew in November, according to the National Association of REALTORS®. Sales advanced in three major U.S. regions and remained steady in the West. Year-over-year, sales climbed in all four regions.
Total existing-home sales, which were completed transactions that include single-family homes, townhomes, condominiums, and co-ops – improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).
“Home sales momentum is building," said NAR Chief Economist Lawrence Yun. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%..”
The median existing-home price for all housing types in November was $406,100, up 4.7% from one year ago ($387,800). All four U.S. regions posted price increases.
“Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances,” Yun added.
In the Midwest, existing-home sales grew 5.3% in November to an annual rate of 1 million, up 5.3% from the previous year. The median price in the Midwest was $302,000, up 7.3% from November 2023.
November 2024 found that first-time buyers were responsible for 24%, the lowest ever recorded.
Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in November, down from 17% in October and 18% in November 2023.
All- cash sales accounted for 25% of transactions in November, down from 27% in both October 2024 and November 2023.
Total housing inventory registered at the end of November was 1.33 million units, down 2.9% from October but up 17.7% from one year ago (1.13 million). Unsold inventory sits at a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.
The numbers reported for local sales include residential property in Allegan, Berrien, Cass, and the westerly 2/3 of Van Buren Counties. They 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®.
About
The Southwestern Michigan Association of REALTORS®, Inc. is a professional trade association for real estate licensees who are members of the National Association of REALTORS® and ancillary service providers for the real estate industry in Allegan, Berrien, Cass, and Van Buren Counties. The Association can be contacted at 269-983-6375 or through their website at www.swmar.com.
The National Association of Realtors®, “The National Association of REALTORS® is America's largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
