The housing market is heating up with the warmer weather in the area. The Southwestern Michigan Association of Realtors says existing home sales in April were up 27% from March and set a record with 297 homes sold. That figure is up 7% over last year, and year-to-date, the number of homes sold is higher than last year by 5% at 941 compared to 900. The average sales price was up 2% from April 2018, at $218,607, while the median price set a new record for April at $170,000. That was a 10% jump from last year. It remains a sellers’ market, as inventory of homes for sale is 1,484, a 5.8-month supply. The number of bank-owned or foreclosed homes as a percentage of all sales fell to 3%, the lowest it’s been at any time since 2009.
