The southwest Michigan housing market picked up steam in March after slowing down in January and February. However, at the close of the first quarter of 2023, the numbers show the market is no longer as red hot as it was in the past two years. The Southwest Michigan Association of Realtors says in March, the number of houses sold fell 3% from March of last year. For the whole quarter, home sales were down 12% from 2022. The inventory of houses for sale gained 15% from a year ago, bringing the inventory of houses for sale up to a 3.2 month supply compared to 2.2 months in March 2022. The current inventory is still low for the market area. The average selling price in March of 2023 was $321,000, compared to $313,000 in March of 2022, a 3% increase. The association says the number of bank-owned or foreclosed homes as a percentage of all transactions was 3%, up from 2% in February. Association Executive Alan Jeffries says for March, “the market’s previous sales frenzy and across-the-board record-setting sales and selling prices have settled to pre-peak years activity.”
