The Mero-Milwaukee Multiple Listing Service gathers the previous month’s active and sold data on the 10th of each month. Here’s what they’ve got to say about our current market conditions, with end-of-the-year data from December 2019…
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
[…] With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.Metro Milwaukee MLS
Next, let’s dive a little deeper into our market’s performance this past quarter…
Year in Review & Q4
Now, let’s see how our market has fared across all types of listings this year, compared to last.
Tri-County Area Breakdown
Walworth, Kenosha & Racine Counties – 2019 (vs. 2018)
In 2019, a total of 5,769 Single Family Homes were sold in the Tri-County Area, which is EXACTLY the same number of single family homes sold in 2018 (5,769).
- Walworth County: 1,487 (2018: 1,479)
- Kenosha County: 2,028 (2018: 2,020)
- Racine County: 2,254 (2018: 2,297)
1,071 Condos sold in 2019 versus 1,033 Condos that sold in 2018.
- Walworth County: 456 (2018: 407)
- Kenosha County: 275 (2018: 270)
- Racine County: 340 (2018: 356)
350 Multi-Family Homes (including Two-Family Homes) sold in 2019; 363 Multi-Family Homes were sold in 2018.
- Walworth County: 30 (2018: 42)
- Kenosha County: 110 (2018: 140)
- Racine County: 210 (2018: 181)
523 Vacant Land Lots sold in 2019; 638 Vacant Land Lots were sold in 2018.
- Walworth County: 212 (2018: 203)
- Kenosha County: 167 (2018: 209)
- Racine County: 144 (2018: 226)
In 2019, the number of Commercial Listings sold totaled 152. In 2018, that number was 192.
- Walworth County: 60 (2018: 51)
- Kenosha County: 43 (2018: 56)
- Racine County: 49 (2018: 85)
Overall, homes are selling for more money in less time; this indicates we’re in an increasingly competitive, sellers’ market. In other words, there aren’t enough homes for buyers to choose from, creating an auction type atmosphere for real estate transactions.
*IF YOU ARE THINKING ABOUT SELLING YOUR HOME* now would be a good time to start packing. Serious sellers should strongly consider preemptively move out of your home, in order to market it as “move-in ready” (which most buyers want). Alternatively, if your home is unique, you may have to wait longer for that specific buyer or accept less than expected due to buyers’ concessions. In other words, a buyer may ask for more to be included or repaired prior to closing, if they’ve settled on your home out of necessity. Make note that new construction is still on the rise. Finally, please be aware of how long it has been a “sellers’ market,” and eventually (although, no one specifically knows when) the market will turn.
*IF YOU ARE THINKING ABOUT BUYING A HOME* start researching as soon as possible, be aware that you may have to wait longer than anticipated. If you aren’t not finding exactly what you’re looking for, don’t be afraid; you can always ask for certain things to be repaired (professionally) or for personal property (i.e., furniture) to be included in the asking price to sweeten the deal. Additionally, consider building a new construction home. If you’re looking for something very specific, you may need to have work done on a home you purchase in order to make it fit your needs (which, yes, may require lowering your max price point for your home search). Be aware of our (increasingly frequent) multiple-offer situation. In other words, have your pre-approval or proof of funds ready to go, sell your current home first (if you have to sell to buy), and prepare to offer your highest and best – which might be above asking price.
After reviewing these data points, I am excited for the 2020 market! I love my job, and I’d be happy to help you buy or sell this year. Please Note: I can also pull data for any combination of statistics seen above, so please do not hesitate to ask! Your home value has likely increased, if you bought a home 2 or more years ago. Simply ask, and I’ll swing by for a full market analysis; alternatively, if you are just curious, I can also give you a rough estimate of your updated home value based on market data.
I hope you found this helpful, and I’ll see you around!
❤ always, Annie Z.
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL firstname.lastname@example.org | email@example.com
OFFICE 262.248.4492 | www.keeferealestate.com