June 2022 Real Estate Market Update for Southwest Michigan
Southwest Michigan Real Estate Market Update
June 2022 - Kalamazoo, Van Buren, St. Joseph Counties
The news headlines leave a lot of people wondering will the market crash and I like to back the information up with data and tell you what’s really happening in our local market.
KALAMAZOO COUNTY REAL ESTATE MARKET
So the first thing I want to share with you is months supply of inventory in Kalamazoo County. That number is .6 months or 20 days. If no other properties came on the market today, it would take 20 days to sell everything we have. In the past 30 days we saw 387 homes enter the market in Kalamazoo County and 274 homes sold. The number of homes available for sale are coming on the market faster than they are selling. The average sales price of homes sold in Kalamazoo county in the past 30 days was $311,315 with an average of 10 days on the market with a sold to list price ratio of 104.2% which means that on average, homes that sold in Kalmaazoo County went 4.2% above the average list price in the past 30 days.
VAN BUREN COUNTY REAL ESTATE MARKET
In Van Buren County months supply of inventory went up to 1.6. In the past 30 days we saw 144 homes come on the market and 90 sales. Supply is up from the prior month to 1.6 months. The number of homes available for sale are coming on the market faster than they are selling. In Van Buren County 144 homes came on the market and 90 homes sold, The average sales price of homes sold in Van Buren County in the past 30 days was $309,626 with an average of 20 days on the market with a sold to list price ratio of 100.4%, so on average, homes in Van Buren county went .4% above the average list price in the past 30 days.
ST. JOSEPH COUNTY REAL ESTATE MARKET
In St. Joseph county, months supply of inventory is also up at 1.4 months. In the past 30 days we saw 76 homes enter the market with 54 sales. The average sales price went up from the previous month by to $287,982 with an average of 35 days on the market with a sold to list price ratio of 99.3%, so on average, homes in St. Joe County were .7% below the average list price in the past 30 days.
So overall, inventory is still extremely low because in a balanced market, we have 6 months supply of inventory. Buyers don’t have a ton of options if they want to buy a house right now but more and more inventory is coming to market each month. As always, if you're interested in learning more about buying, selling, and investing in Kalamazoo, Van Buren or St. Joseph county real estate, make sure you're subscribed to this channel and follow me on all social media at @janiceallenrealtor and michiganhomegirl.com