November 2021 Housing Market Update

NATIONALLY

• Summary: Existing home sales increased slightly compared to last year.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Continue Upward, Increasing 1.9% in November,” (by Quintin Simmons, published December 22nd, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

• “Existing-home sales rose 1.9% in November from October to a seasonally adjusted annual rate of 6.46 million.”
• “The median existing-home sales price rose 13.9% year-over-year to $353,900.”
• “From one year ago, the inventory of unsold homes decreased 13.3% to 1.1 million – equivalent to 2.1 months of the monthly sales pace.”
• “Existing-home sales in the Midwest ticked up 0.7% to an annual rate of 1,520,000 in November, a 0.7% drop from a year ago. The median price in the Midwest was $260,100, a 9.0% jump from November 2020.

STATEWIDE

• Summary: The state of Wisconsin has just about kept pace with last year’s sales; the Southeast outsold the other regions of the state, with the smallest margin of increased median sales price.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “November Existing Home Sales Remain Solid as Prices Continue to Rise.” Here are some additional key takeaways:

November 2021 Home Sales Report

• “Wisconsin’s November existing home sales kept pace with the strong sales of a year earlier, falling just 0.8% over the 12-month period. The median price rose 7.6% to $240,000 over that same period.”
• “As we approach year-end, sales performance varied regionally on a year-to-date basis.  The strongest sales were seen in the Southeast region, which is running 3.7% higher than last year.”
• “On a year-to-date basis, all regions have seen their median prices rise, with the Southeast region up by the smallest margin, up 6.8%, compared to the January-through-November period last year […]”
• “All measures of inventory fell over the past 12 months, including total listings, which were down 7%; new listings, down 1.9%; and months of available supply, down 10%.”

LOCAL MARKET

• Summary: Our metro-Milwaukee area generally saw a decline in new listings and closings in November 2021, in comparison to our record November last year. This was true too of my hyper-local (Lake Geneva – Delavan – Williams Bay) area.

Below are the 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: November 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: November 2021

Active listings decreased 3.1% and sold listings went down 1.8% compared to this time last year. The Months of Supply of Inventory experienced a slight decrease, falling 1.3% compared to last November.

by Dan Zielinski | December 14, 2021 | Metro MLS, FlexMLS