Housing sale prices continue upswingPublished 12:28pm Friday, May 24, 2013
ST. JOSEPH — What a difference a year makes.
Last year in April, more houses were sold than the previous year (2011) but at lower prices.
This year in April, almost the same number of houses was sold compared to April 2012, but at much higher selling prices.
“Selling prices each month this year have increased and in most cases in double-digit percentages over last year,” stated Gary Walter, EVP, of the Southwestern Michigan Association of Realtors. “The historically low mortgage rate is bringing more home buyers into the market when there is a much lower inventory of homes. Since 2010, the April housing inventory has dropped from 3,452 houses for sale to 2,680. This combination has helped to fuel the increase in selling prices. ”
Realtors are also commenting that they are seeing multiple offers on properties in certain price ranges and locations,” Walter continued.
The average selling price rose 19 percent in April to $174,024 compared to $146,564 in April 2012.
Median selling price jumped 12 percent from $85,000 a year ago to $95,000 this year.
Year-to-date the average selling price of $164,402 is up 15 percent and the year-to-date median selling price of $99,000 was up 21 percent.
From March to April the average selling price increased just 1 percent; while the median selling price dropped 17 percent.
This follows a one-month swing of 43 percent when the median selling price in March vaulted to $114,500 from $79,900 in March 2012.
The median is the price at which 50 percent of homes sold were above that price and 50 percent fall below.
Nationally, existing-home sales rose in April but remain below underlying demand because of limited inventory and tight credit, according to the National Association of Realtors.