SWMI Housing Market Cools Off In January

2019 is starting off a little quieter than the past few years for sales of existing homes in the area. The Southwestern Michigan Association of Realtors says sales fell 8% last month compared to 2018. Association Executive Alan Jeffries says a drop in January numbers is not unusual given the normal push to close by the end of December for both buyers and sellers. Prices are also down, with the average sales price slipping 6% from January 2018 to just over $199,000 and the median price falling 8% compared to last year to $137,500. Jeffries notes the inventory of available homes on the market fell 4% last month year-over-year, and there is just a 4.9 month supply.