Selling prices of homes up 9 percentPublished 11:17pm Thursday, May 24, 2012
The housing market in April stepped up selling prices with a 9 percent increase since March, according to Gary Walter, of the Southwestern Michigan Association of Realtors Inc.
Meanwhile, the number of houses sold was almost the same at 234 verses 232. The increased selling prices raised the monthly total dollar volume by 10 percent.
“Overall, it was a nice starting step for the second quarter,” Walter said. “This April, took a big swing at sales results a year ago in April. The number of houses sold was up 29 percent and the total dollar volume was up 19 percent for the month. Year-to-date this puts us 23 percent ahead of last year in the number of houses sold and 12 percent ahead in total dollar volume.”
The April housing market did not fare well if the average-selling price is compared to last year. The average-selling price in April this year dropped 8 percent to $146,564 and the median-selling price slipped 13 percent to $85,000. Year-to-date, the average-selling price was down 9 percent and the median selling price was down 7 percent compared to 2011. The median price is the price at which 50 percent of the homes sold were above that price and 50 percent were below.
“Comparing our region to what is happening across our state; we ranked ninth in sales of houses out of 41 local associations in April. This put us in between Ann Arbor and Traverse local areas. Ann Arbor claimed the highest average-selling price in April at $210,723. Our average selling price of $146,564 put us in fifth place,” Walter said.
In southwest Michigan, the percentage of foreclosed home transactions was up slightly to 40 percent compared to 38 percent last year in April.
“Our inventory of homes for sale continues to shrink,” Walter said.
“It is down 7 percent from last year. On April 30, we had 2,840 houses listed for sale.
“At this inventory level, based on the last 12-month’s sales, we have a 13.8 month supply of homes for sale. Last year in April, the inventory was at 15.4 months and 15.6 months supply in 2010.”