The Way & Servatius Team Real Estate Market Report
The following information about housing sales in the South Haven, Bangor,Covert & surrounding areas is provided through the Southwestern Michigan Association of Realtors and complied by Ryan Servatius & Dan Way of Shores Real Estate.
Housing Units Sold* 19 Units were sold in March down from 20 units sold in March of 2008, for a 5% decrease in sales*
41 Units were sold from January through March, down from 53 units in the first 3 months of 2008, for a 23% decrease.
Average Number of Days On Market (DOM)* For March, the average was 75, down from 104 days in March of 2008 for a 28% decrease.* For the first 3 months of 2009, the average was 91, up from 90 Days in the first 3 months of 2008 for a 1% increase in , TOM = Time On Market
In the first 3 months of 2009, the dollar volume was $4,970,376, down 54% from the first 3 months of 2008 of $10,849,802. Overview South Haven, Bangor, Covert & the surrounding area housing market is down across the board with continued decreases in median price to dollar volume overall.
Recently I have seen an upswing in buyers looking for homes along the lakeshore in the South Haven Michigan area . Part of this may be the Federal Reserve is pumping trillions of dollars into the financial system. In addition, there are promises of tax cuts and the continued lowering of oil prices and lower interest rates. This is all massive and it could help the real estate market turn around by the later part of this year, in which we could see an abrupt growth in the market.
Statistics show that the lakeshore area for first and second homes has provided a good return as an investment and still continues to do so! Real Estate has always been a cyclical business and the market has had downturns and upswings before and it will happen again.
Time has shown us what goes down will always go back up. Home values will continue their appreciation value over the years ahead because inflation has always made sure of that for us. With lower interest rates and price adjustments by sellers, it makes a great time for buyers that have been sitting on the sideline to buy that first home or second vacation or investment home.
- Best Regards, Dan Way & Ryan Servatius
Monday, April 20, 2009
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