Here in Southeastern Wisconsin, we facilitate real estate transactions via the Metro-Milwaukee Multiple Listing Service. On or around the 10th of every month, the MLS provides the previous month’s Market Statistics.
The Metro-Milwaukee MLS provided the following statement, in their latest edition of “Monthly Indicators”:
In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
…While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.All data from Metro MLS. Report © 2019 ShowingTime.
Below are last month’s numbers for Walworth, Kenosha and Racine Counties. Note the fine print that cites, “Activity for one month can sometimes look extreme due to small sample size.”
I wanted to also share the breakdown below. Specifically, note that absorption rates have decreased, sellers are putting their homes on the market at higher list prices, but closing in less time and at a lower price point in Walworth County, as of November 2019, compared to November 2018.
Personally, I’ve noticed a good chunk of listings go off the market, many with a note from the listing agent that the seller has decided to “rest [the home] for the holidays” thereby leaving the ready, willing, and able buyers less options from which to choose. Needless to say, as these (currently not listed) properties come back onto the market, there will be more and more competition for sellers; if you’ve been considering selling your home, this may be the time.
Reach out for your copy of the latest Local Market Report from the Metro-MLS
What do you think about today’s market? Let me know, I’d love to hear from you!
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