August 2021 Housing Market Update

NATIONALLY

• Summary: Existing home sales decreased slightly while median home sales prices increased in August, both on a national scale, and regionally, here in the Midwest, compared to last month and this time last year.

The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Recede 2.0% in August,” (Quintin Simmons, September 22nd, 2021). The following bullet points are additional highlights from this release.

Existing-Home Sales

• “Existing-home sales dropped 2% on a seasonally adjusted annual rate from July to August.”
• “The median existing-home sales price rose at a year-over-year pace of 14.9%.”
• “Properties typically remained on the market for 17 days in August, unchanged from July and down from 22 days in August 2020.”
• “In August 2021, each of the four major U.S. regions experienced declines on both a month-over-month and a year-over-year perspective.”

STATEWIDE

• Summary: Honing in, Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Summer Housing Market Constrained by Tight Inventories.“ Here are some additional key takeaways:

August 2021 Home Sales Report

• “August home sales fell 6.3% compared to their levels in August 2020, whereas the median price rose 6.4% to $250,000 over that same 12-month period.”
• “Year to date, statewide sales are ahead of the pace recorded  in 2020.”
• “The  median price is up 10.6% to $240,000 over that same period.”
• “Average days on the  market [are] at the record-low level of just 65 days for the second straight month. This compares to 88 days in August of last  year. This is the lowest level for days on the market since the WRA began tracking this data in January 2005.”

LOCAL MARKET

• Summary: Across our tri-county area (Kenosha, Racine & Walworth Counties) we saw a decline in the number of closed sales and compared to this time last year. Kenosha and Racine Counties actually had more new listings in August 2021, compared to August 2020. Finally, in Southeastern Wisconsin (except for in Racine County), the median sales priced increased, year over year, as well.

Below are the August 2021 Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area; and their monthly blog post called Market Reports: August 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: AUGUST 2021

Active listings are down 2.9% and sold listings are down 1.7% compared to this time last year. The Months of Supply of Inventory also saw a slight decrease, dropping 1.2% from last year.

The above infographic includes data on single-family properties and condominiums in the 13 primary counties.

by Dan Zielinski | September 15, 2021 | Metro MLS, FlexMLS