Fall is upon us! As the leaves changed colors and the temperature dropped, from Labor Day to the Autumnal Equinox, there were tons of things to do this past month! Thankfully, we were blessed us with bright sunny days and plenty of real estate activity as well, here in Southeastern Wisconsin. Continue reading for more on the housing market trends from September 2021 — from the national scale down to our hyperlocal Lake Geneva area market.
- Summary: Existing home sales increased month over month, but declined year over year, on a national and regional scale.
The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Ascend 7.0% in September,” (by Quintin Simmons, published October 21st, 2021). The following bullet points are additional highlights from this news release.
- “Existing-home sales […] rose 7.0% from August”
- “Sales decreased 2.3% from a year ago”
- “The median existing-home sales price climbed 13.3% year-over-year to $352,800.”
- “Existing-home sales in the Midwest rose 5.1% […] in September [compared to August, which equated to a] 2.7% drop from a year ago.”
- “The median price in the Midwest was $265,300, a 9.1% increase from September 2020.”
- Summary: The state of Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.
The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Low Inventories Continue to Hamper Sales and Increase Home Prices in September.“ Here are some additional key takeaways:
- “September existing home sales fell 8.6% […], and the statewide median home price increased 6.6% to $245,000 over that same 12-month period.”
- “Very tight inventories continue to hamper home sales throughout the state, with months of available supply falling in every region over the last 12 months.”
- “Mortgage rates remained under 3% for the fifth straight month. The 30-year fixed-rate mortgage was essentially unchanged at 2.90% in September 2021 compared to 2.89% in September 2020.“
- “Wisconsin’s housing affordability fell 5% over the past 12 months, but it has remained relatively stable all year.”
- Summary: Our Tri-County Area market, of Racine, Kenosha & Walworth Counties, experienced a decrease in the number of closings and an increase in median sales price, in September 2021 compared to September 2020. However, while Walworth and Kenosha Counties both saw DOUBLE DIGIT percentage decreases in new listings, Racine County saw MORE new listings, year over year.
Below are the Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area; and their monthly blog post called Market Reports: September 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.
Active listings are down 3.1% and sold listings are down 6.2% compared to this time last year. The Months of Supply of Inventory experienced an uptick, increasing 3.4% compared to last September.
The above infographic includes data on single-family properties and condominiums in the 13 primary counties.by Dan Zielinski | October 14, 2021 | Metro MLS, FlexMLS
Other Market Updates to Consider
- The 2021 Real Estate Market: Predictions For The Final Quarter by Kevin Markarian, Forbes
- September 2021 Monthly Housing Market Trends Report by Sabrina Speianu, Realtor.com
Sellers: There are plenty of buyers still out looking at, and inquiring about, the new listings on the market. September (and October) have been busier than in past years, as far as showings go; therefore, it is NOT too late to list your property for sale. I do not expect these buyers to give up on house hunting any time soon, with interest rates so low. Contact me or follow the link below if you would like a custom, free home valuation.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: Interest rates are still low, and I’ve heard from more than one source that rates are going to remain that way for the foreseeable future. However, the market IS competitive; there’s no way around that. The best thing you can do for yourself is to stay on top of the market (and have your pre-approval ready to go, if you need one). Good deals are out there, if you are prepared to jump when they pop up. If you need guidance, I am here to help – please feel free to reach out!
All the best,
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
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OFFICE 262.248.4492 | www.keeferealestate.com
My September 2021
Speianu, Sabrina. “September 2021 Monthly Housing Market Trends Report.” Realtor.com®. October 22nd, 2021.
Markarian, Kevin. “The 2021 Real Estate Market: Predictions For The Final Quarter,” Forbes®. September 2nd, 2021.