Area Home Buyers Catch A Bit Of A Break In January

It’s been a seller’s market for a few years in the real estate business in southwest Michigan, and while January’s sales were strong, the Southwestern Michigan Association of Realtors says buyers got a bit of a break to start the year. The median selling price in January was down 23% compared to a year ago at $137,500. That’s the price at which 50% of homes are sold above and below. The average price, however, was up 11% to $220,881 in January compared to last year. The number of homes sold rose from 175 to 190 over 2019, which was a 9% increase. The number of bank-owned or foreclosed homes as a percentage of all transactions was 7% in January, reaching the lowest percentage in the year-over-year comparison. In December 2019, the percentage was 4%, and the highest percentage in January was 57% in 2009.