Area Housing Market Remains Tight

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.