Like the temperatures hitting us this week, it seems the recently released August housing market reports are all showing a decline in home sales, compared to this time last year. This is not atypical, given our ‘hot market season’ runs from May to August anyway. However, this could also have something to do with decreasing inventory and rising median sales prices. Overall, I can attest to the market remaining highly active (and competitive).
- Summary: Existing home sales decreased slightly while median home sales prices increased in August, both on a national scale, and regionally, here in the Midwest, compared to last month and this time last year.
The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Recede 2.0% in August,” (Quintin Simmons, September 22nd, 2021). The following bullet points are additional highlights from this release.
- “Existing-home sales dropped 2% on a seasonally adjusted annual rate from July to August.”
- “The median existing-home sales price rose at a year-over-year pace of 14.9%.”
- “Properties typically remained on the market for 17 days in August, unchanged from July and down from 22 days in August 2020.”
- “In August 2021, each of the four major U.S. regions experienced declines on both a month-over-month and a year-over-year perspective.”
- Summary: Honing in, 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, “Summer Housing Market Constrained by Tight Inventories.“ Here are some additional key takeaways:
- “August home sales fell 6.3% compared to their levels in August 2020, whereas the median price rose 6.4% to $250,000 over that same 12-month period.”
- “Year to date, statewide sales are ahead of the pace recorded in 2020.”
- “The median price is up 10.6% to $240,000 over that same period.”
- “Average days on the market [are] at the record-low level of just 65 days for the second straight month. This compares to 88 days in August of last year. This is the lowest level for days on the market since the WRA began tracking this data in January 2005.”
- Summary: Across our tri-county area (Kenosha, Racine & Walworth Counties) we saw a decline in the number of closed sales and compared to this time last year. Kenosha and Racine Counties actually had more new listings in August 2021, compared to August 2020. Finally, in Southeastern Wisconsin (except for in Racine County), the median sales priced increased, year over year, as well.
Below are the August 2021 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: August 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.
Active listings are down 2.9% and sold listings are down 1.7% compared to this time last year. The Months of Supply of Inventory also saw a slight decrease, dropping 1.2% from last year.
The above infographic includes data on single-family properties and condominiums in the 13 primary counties.by Dan Zielinski | September 15, 2021 | Metro MLS, FlexMLS
Sellers: Although I do not believe scare tactics are (morally) useful, the fact remains: sellers, your time may be running out. If you have thought about selling your home, the time to act is now. Inventory is dropping, but buyers are still out there. 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: If I’ve heard this once, I’ve heard this a million times this year: money is cheap. Even if you are on the fence, as to whether or not you want to buy a home this year, I suggest you call a lender and get a pre-approval squared away for when the right property pops up. Do not believe everything you hear – there are plenty of sellers out there accepting offers with loans and other contingencies. I am here to help – please feel free to reach out!
All the best,
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KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
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My August 2021
Backman, Maurie. “Home Prices Dipped 1.2% in August. Could the Housing Market Be Cooling Off? The Motley Fool; NASDAQ. September 22nd, 2021.