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Four Year Housing Rush Slowed Dramatically in SW Michigan in 2022

The housing market in Michigan's Great Southwest was on a record tear for more than four straight years from 2016 until 2020, as the local market experienced what local Realtor's Association Executive Alan Jeffries characterizes as "A rush of peak sales and selling prices." Things were truly heady. In fact, by the end of 2020 he says, "The market had celebrated four straight years of peak prices and sales." Then, along came the COVID pandemic, and by the time the state's shutdown had ended in April of 2021 homebuyers had swept up the available inventory. As a result, by the start of 2022, the local inventory had shrunk to a historically low level of just 1.9-months supply, and the year ended with a small rise to a 3.3-months supply. Jeffries tells us that in December of 2022, the number of houses sold was down fully 44-percent as compared to December of 2021 with just 167 homes sold, as compared to 296 in the previous year. At 167, the number of sales

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