Here in Wisconsin, the month of June represents carefree summertime livin’: grilled food, festivals, long holiday weekends, and plenty of sunshine. June 2020, however, was marked by civil rights protests against police brutality, violence, job loss, business closures, and month FOUR of this COVID-19 plague. During difficult times, I hold on by committing myself to find the silver lining. More than ever, having a home to stay in, for safety’s sake, is of the utmost importance.
June existing home sales rose 20.7% from May to 4.72 million (SAAR), according to the National Association of Realtors, the largest ever one-month increase in the series’ history. Sales were down 11.3% from June 2019.By Matthew Speakman on Jul. 22, 2020
The median existing-home price for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400).
Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May and down 18.2% from one year ago.
You read that correct: the percentage increase in home sales from May to June 2020 broke records. There were also more homes listed in June (compared to May 2020). In comparison to last year, the median sales price is higher, but there are less new listings. One might take this to mean that nationally, the real estate market is improving overall, and maybe the worst is behind us.
“While much of the country was working on a phased reopening of the economy
in June, real estate activity continued to strengthen as well. Nationally, June
showing activity as tracked by ShowingTime was up notably from the COVID-19
depressed levels in recent months but was also up from June 2019, reflecting
pent-up demand by prospective home buyers.
[…] While buyer activity continues to be robust, seller activity continues to be a bitAll data from Metro MLS. Report © 2020 ShowingTime.
softer, with fewer homes being listed for sale than a year ago. Many housing
experts believe sellers remain reluctant to list their homes due to continued
concerns over COVID-19, which was beginning to see a resurgence in June.
Until sellers regain confidence, housing inventory will continue to be constrained
during what is expected to be an active summer selling season.”
The local market analyses below are for the Counties of Racine, Kenosha & Walworth, plus one for the Lake Geneva – Delavan – Williams Bay Area. Personally working mainly in Walworth County, I have seen buyers demand skyrocket. Meanwhile, potential sellers are ‘waiting to see what happens.’ Not all of them, I had some new listings. At the start of this pandemic, several people told me they anticipated home values soon – which is incorrect. Clearly, they were wrong! As the basic business principal of supply-and-demand implies: with more demand (from buyers), prices (for homes/sellers) go up, not down.
Thinking of buying or investing in real estate? Call a lender asap. Work on your credit score even! At the end of the day, if a home is accurately priced and in decent shape, the home will go under contract fast.
Ready to sell your home? I would find a place you can stay before you list. An empty home always sells faster. Also, get your market analysis, even if you want to wait to sell, just for frame of reference.
Stay positive, stay healthy & reach out! ❤ , Annie Z.
June 2020 in photos
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