Our ‘hot market’ season is Memorial Day to Labor Day, here in the Greater Lake Geneva area, with July smack dab in the middle. The numbers are out, and the reports are in, for the July 2021 real estate market. Hopefully this blog entry gives you peace of mind enough to enjoy what’s left of summer …because we all know, like Ned Stark said (Game of Thrones), “winter is coming!”
- Summary: Nationally and regionally (in the Midwest), existing home sales and median sales prices increased in July 2021 compared to last year and last month.
The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Climb 2.0% in July,” (Quintin Simmons, August 23, 2021). The following bullet points are additional highlights from this release.
- “Existing-home sales rose in July, marking two consecutive months of increases, according to the National Association of Realtors®.”
- “The median existing-home price for all housing types in July was $359,900, up 17.8% from July 2020 ($305,600), as each region saw prices climb.”
- “Existing-home sales rose 2% on a seasonally adjusted annual rate from June to July, with no sales declines showing in any regions.”
- “According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.87% in July, marginally down from 2.98% in June. The average commitment rate across all of 2020 was 3.11%.”
- “Existing-home sales in the Midwest rose 3.8% to an annual rate of 1,380,000 in July, a 1.4% decline from a year ago. The median price in the Midwest was $275,300, a 13.1% increase from July 2020.”
- Summary: In Wisconsin, home sales declined in July 2021, compared to July 2020; however, year-to-date existing home sales were up compared to this time last year. Additionally, median prices went up, and average days on market are down, year over year.
The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Home Sales Moderate in July as Prices Continue to Rise.“ Here are some additional key takeaways:
- “July 2021 home sales fell 14.2% relative to July 2020, and the statewide median price rose to $250,000 in July, an increase of 10.7% over the past 12 month”
- “On a year-to-date basis, sales are still in positive territory, with existing home sales up 3.9% for the first seven months of 2021 relative to that same period in 2020. Median prices are up 12.4% to $240,000 year to date.”
- “Total listings are 11.0% lower than 12 months earlier in July 2020, but this is a significant improvement compared to how the year began. Total January listings were 30.7% lower than a year earlier.”
- “Average days on the market dropped 27.8% compared to July 2020, falling from 90 days to just 65 days. This is the lowest level for days on the market since the WRA began tracking this data in January 2005. “
- Summary: In July 2021, our tri-county area (Kenosha, Racine & Walworth Counties) saw a decline in the number of closed sales and an increase in sales price compared to this time last year. While the number of new listings fluctuated across counties and municipalities, we clearly have more buyer demand than we have available housing.
Below are (1) the July 2021 Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay areas; and (2) their monthly blog post called Market Reports: July 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.
The sellers’ market continued in July, with the median sales price increasing while inventory levels and days on market decreased compared to last July.
New listings in the Milwaukee region increased 2% to 2,700. Closed sales decreased by 1.5% to 2,163. Inventory levels decreased 2.5% to 4,090 units.
Prices continued to gain traction. The median sales price increased 9% to $290,000. Days on Market was down 48.2% to 14 days. The months supply of inventory decreased 1% to 1.9 months.by Dan Zielinski | Aug 16, 2021 | Metro MLS, FlexMLS
Other Market Updates:
July 2021 Housing Market Trends Report – Realtor.com ResearchSpeianu, Sabrina. “July 2021 Monthly Housing Market Trends Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market.” Realtor.com®
Sellers: Please re-read statewide section above. Year-to-date sales are up, sales prices are up, inventory is low, and interest rates are low, in July 2021. What does this mean? Well, I’ll put it this way: I have yet to witness a stronger sellers’ market. Contact me or follow the link below if you would like a custom, free home valuation.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: Interest rates are down, compared to this time last year, AND compared to last month. While it is a competitive market, it is a GREAT time to buy. Money is cheap; peace of mind is priceless. I am here to help – please feel free to reach out!
All the best,
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
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OFFICE 262.248.4492 | www.keeferealestate.com
My July 2021
Game of Thrones. Created by David Benioff and D. B. Weiss, HBO Entertainment, 2011–2019.