The following is a breakdown of the housing market — Nationally, Statewide, and Local Area — collected from reputable sources for last month, January 2022.
- Summary: Existing home sales increased 6.7% month over month, but fell 2.3% year over year.
The most recent monthly report released from the National Association of REALTORS®, was entitled, “Existing-Home Sales Surge 6.7% in January” by Quintin Simmons. Below are highlights from this publication.
- “In January 2022, existing-home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions.”
- “Year-over-year, sales fell 2.3% (6.65 million in January 2021).”
- “The median existing-home sales price rose for all housing types in January [to] $350,300, up 15.4% from January 2021.”
- “Properties typically remained on the market for 19 days in January”
- “On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January.”
- “Existing-home sales in the Midwest rose 4.1% from the prior month to an annual rate of 1,510,000 in January, equal to the level seen from a year ago.
- “The median price in the Midwest was $245,900, a 7.8% rise from January 2021.”
- Summary: In Wisconsin, the demand for housing remains very strong despite a dip in sales and higher median sales prices.
The Wisconsin REALTORS® Association, released their monthly market report with the headline, “January Home Sales Slip as Prices Continue to Rise“ Here are some key takeaways:
- “January 2022 existing home sales fell 4.2% relative to that same month last year.”
- “The statewide median price [was pushed] to $231,000 in January 2022, an increase of 10% over January 2021.”
- “This suggests that housing demand remains very strong even with significant home price appreciation.”
- “Regionally, sales fell significantly in the less urban regions of the state[…] the Southeast region, down 2.9%.”
- “Mortgage rates remain low by historical standards, with the 30-year fixed-rate mortgage standing at just 3.45% in January 2022.”
- “Total listings fell 14.6% from their levels 12 months earlier.”
- Summary: Nearly across the board, our tri-county area and metro-Milwaukee region, we saw fewer new listings & sales, but higher median sales prices, in January 2022 compared to last year.
Our Local metro-Milwaukee area Multiple Listing Service published their latest blog post, “Market Reports: January 2022,” by Dan Zielinski, and “Local Market Reports,” by Jean Patterson, of Metro MLS, for month of January 2022 in the counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area.
Active listings decreased 16.9%, and sold listings went down 3.8% compared to this time last year. The Months of Supply of Inventory experienced a decrease, falling 13.7% compared to last January.by Dan Zielinski | February 14, 2022 | Metro MLS, FlexMLS
Sellers: Buyers are viewing homes in February more than they were in January, and the Spring/March market is less than a week away. Interest rates are said to rise come April, and have already started inching up. The stock market is reacting to recent international events that make real estate look like a ‘tame’ market. **knock, knock** That’s opportunity… are you going to answer? 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: Talk to your lender and make sure you know your price range, then have your realtor send you homes that have recently sold in your area of choice for that specific price range. This way, even with low inventory, you know what you’re looking for. When the right home hits the market, you’ll be ready to jump. I’m here to help, please feel free to reach out!
All the best,
LICENSED REAL ESTATE AGENT | COMPASS – LAKE GENEVA, WISCONSON
My January 2022