The Metro-Milwaukee Multiple Listing Service gathers real estate stats for each month; they compile data points into graphs and highlight recent events to provide a comprehensive Local Market Update. The following is from their latest report, released Tuesday, March 10th***, regarding our hyper-local, Southeastern Wisconsin area for the month of February 2020.
“As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.”Monthly Indicators: February 2020, by Metro MLS Report © 2020 ShowingTime
Take a second and re-read that; I don’t think anyone truly could see how fast and vast the corona virus pandemonium would arrive. The following charts echo the positive trend we were riding:
Showings were up, more homes were coming onto the market, and median sales price continued to climb. When this virus hit pandemic status, Americans were told to stay home and jobs were lost. Our country has endured a massive blow over these past two weeks that has reverberated down to our local community and economy, including the real estate market.
Now what? How are we faring so far??
It is definitely too early to tell. However, from March 1st to March 11th, a total of 76 single family homes were listed and 27 single family homes closed. Since then, from March 12th through March 23rd, only 54 single family homes have been listed, but 25 single family homes have still sold, regardless.
February seems so long ago. I’ll be curious to see the pandemic’s overall impact on the real estate market, once it’s all over. Primarily, I just want an end to COVID-19! Don’t forget: be prepared, not scared. Stay home if you can, be safe if you can’t. We will bounce back!!
Sellers and Buyers: there are still options during this unprecedented time, stay tuned!
- Effects of Quarantine on Local Real Estate Market
- Restrictions, Options & Opportunities for Sellers & Buyers
- Honorable Charity Mentions
- Home Décor Projects & Spring Cleaning
How are you doing? How has this virus infected your life and/or loved ones? Let me know how I can help. Shoot me a quick email here (email@example.com) or give me a buzz (262-215-1982) and keep me posted, please.
Looking for a reliable source of market information, aside from real estate? Check out Paula Pant’s Afford Anything, with special coverage during this official Bear Market.
Let me know if you found this helpful in the comments below, or shoot me a message on my socials!
Stay safe & healthy ❤ , 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
Data Sources: Market data from Metro MLS. Report © 2020 ShowingTime.
Other Market Resource Suggestion: Paula Pant’s Afford Anything