June 2021 Housing Market Update

Our area has seen a steady increase in Closed Sales every month so far this year, according to the Local Market Reports by MetroMLS. Median Sales Price has mainly gone up, but New Listings have fluctuated in 2021. In the Greater Lake Geneva area, June is typically an active month in real estate. Despite low inventory, it was overall a positive month. Keep reading for the national, statewide and hyperlocal June 2021 market breakdown.

NATIONALLY

Summary: Nationally, existing home sales went UP 1.4%, and regionally, the Midwest AGAIN outperforms the 3 other major regions of the U.S., in June 2021 compared to June 2020!

As a country, the National Association of REALTORS® most recent Existing Home Sales Report, for June 2021, shows some positive news on a national scale… finally. The following highlights are additional highlights from this release:

Existing-Home Sales (highlights)

-Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June
-The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace
-The median existing-home sales price rose at a year-over-year pace of 23.4%, the second highest level recorded since January 1999.
-Homes on the market typically sold in 17 days
[…]
-Existing-home sales in the Midwest rose 3.1% to an annual rate of 1,330,000 in June, an 18.8% increase from a year ago.
-The median price in the Midwest was $278,700, an 18.5% increase from June 2020.
Simmons, Quintin. “ Existing-Home Sales Expand 1.4% in June.” NATIONAL ASSOCIATION OF REALTORS®

STATEWIDE

Summary: In Wisconsin, the month of June 2021 brought: more existing home sales, higher median sales prices, more new listings and fewer days on market, compared to last June.

On the state level, the Wisconsin REALTORS® Association, released their monthly market report with the headline, “Wisconsin Housing Market Strong in First Half of 2021,” (Wisconsin Housing Statistics June 2021 Report). Here are some additional key takeaways:

June 2021 Home Sales Report (highlights)

-Through the first half of 2021, existing home sales rose 8.4% relative to that same period last year, and median prices were up 11.9% over that same period to $235,000 on continued tight inventory.
-Regionally, the strongest annual growth in sales over the first six months of the year was seen in the North region, up 13.5%; the Southeast region [of the state] up 12.5%; and the Central region, up 10.5%.
-While total listings in June were 19.3% below listings from a year earlier, the number of new listings were up 9.6% compared to June 2020
-June home sales kept pace with sales in June 2020, whereas median prices rose 15.2% to $257,000 over the 12-month period.
-There were just 3 months of available supply of housing in June, which indicates a strong seller’s advantage in the market.
-Average days on the market dropped to just 69 days in June, down from 96 days in June of last year. This is the lowest statewide figure on record since […] 2005.
-The strong price pressure caused housing affordability to slip 9.5% compared to June 2020.
Wisconsin Housing Statistics June 2021 Report by Wisconsin REALTORS® Association

LOCAL MARKET

Summary: Walworth County, and the Lake Geneva-Geneva-Delavan-Williams Bay Area saw a decrease in new listings, but an increase in closed sales and median sales price, in June 2021 compared to June 2020.

Below you will see evidence of a sellers’ market – fewer homes available to pick from, listed at higher prices. Read the Local Market Reports by MetroMLS, and the Market Report: June 2021 by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee. Specifically, the images show the June 2021 housing statistics for Kenosha, Racine, and Walworth Counties as well as the Lake Geneva, Delavan, Williams Bay area:

Monthly Indicators: June2021 (highlights)

School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. […] Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.
Some buyers [are forced] to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand.
As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.
by Dan Zielinski of FlexMLS

Other Market Updates:

June 2021 Housing Market Trends Report – Realtor.com Research
Speianu, Sabrina. “June 2021 Monthly Housing Market Trends Report: New Listings Stage a Comeback in June as Home Prices Hit a New High.” Realtor.com®

Sellers: The market still heavily weighs in your favor. That being said, buyer demand will be curbed by upcoming interest rate increases. When that will be is unclear, but it is inevitable, and I’d wager to say by 2022. In my opinion, this is the year to sell. Contact me if you have questions or would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Strategy and patience are key. Have your financing and your backup plan in order. Draw your lines and try not to jump too fast. Just because the sellers are in the driver’s seat does not mean you have to get the short end of the stick. You need an agent who will negotiate on your behalf, with integrity. I am here to help – please feel free to reach out!

All the best,

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com