February 2022 – Housing Market Update

Greater Lake Geneva WI Area

The following is a breakdown of the housing market — Nationally, Statewide, and Local Area — collected from reputable sources for last month, February 2022.

NATIONALLY

  • Summary: Existing home sales were down in February 2022, month-over-month and year-over-year, Nationally.

The most recent monthly report released from the National Association of REALTORS®, was entitled, “Existing-Home Sales Fade 7.2% in February” by Quintin Simmons. Read the highlights:

Existing-Home Sales

  • “In February […] Sales were down 7.2% from the prior month and 2.4% from one year ago.”
  • “The median existing-home sales price rose to $357,300, up 15.0% from one year ago.”
  • “Existing-home sales in the Midwest sagged 11.3% from the prior month […] in February, a 1.5% decrease from February 2021.”
  • “The median price in the Midwest was $248,900, a 7.5% climb from February 2021.”

STATEWIDE

  • Summary: In Wisconsin existing home sales were down 4.7% in the month of February 2022 (compared to last month, and year over year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, Weak Inventories Limit February Home Sales and Drive Prices Higher,” however, WRA president, had an important side note I’d like to highlight first:

“Even with very low housing inventory, this has been a very strong winter season for home sales. REALTORS® closed more than 16,000 homes between December and February, which is only about 1% lower than the all-time record for winter sales, which was recorded last year.”

Brad Lois, 2022 Chairman of the Board of Directors, Wisconsin REALTORS® Association

February 2022 Home Sales Report

  • “February home sales slipped 4.7% compared to February 2021 as inventories continued to tighten in 2022.”
  • “With demand conditions remaining strong, the statewide price rose 9.3% over the past 12 months to $235,000.” 
  • “On a year-to-date basis, existing home sales were down 3.8% compared to the first two months of 2021”
  • “Inventory levels continued to shrink statewide. New listings dropped 7.7% over the last 12 months, and total listings are down 17% over that same period. “
  • “The seller’s advantage has strengthened since this time last year. The months of inventory fell from 2.2 months of supply in February 2021 to just 1.9 months of available supply in February 2022.”
  • “the average days on the market falling to just 82 days statewide, which is a decline of 13.7% compared to February 2021.”
  • “Every region of the state saw average days on the market decline over the last 12 months, with homes moving the fastest in the Southeast region at 72 days[…]”

LOCAL AREA

  • Summary: The metro-Milwaukee region saw 9.8% fewer active listings, in February 2022 compared to last year, yet +0.6% more sold homes, whereas the Lake Geneva area saw 62.8% fewer listings and 72% more homes sold! This current housing market varies by region quite drastically!

Our Local metro-Milwaukee area Multiple Listing Service published their latest blog post, “Market Reports: February 2022,” by Dan Zielinski, and “Local Market Reports,” by Jean Patterson, of Metro MLS, for month of February 2022 in the counties of Kenosha, Racine and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area.

MARKET REPORTS: FEBRUARY 2022

Active listings decreased 9.8%, while sold listings increased 0.6% compared to this time last year. The Months of Supply of Inventory experienced a decrease, falling 10.4% compared to last February.

by Dan Zielinski | March 14, 2022 | Metro MLS, FlexMLS
https://metromls.com/market-reports-February-2022/

IN REVIEW

Sellers: If you’re considering selling, make sure you have somewhere to go. There are options like bridge loans and renting short term that could help ease the stress of sellers today; the truth is, the problem is NOT a lack of buyers, the problem is lack of inventory. Homes ARE selling, FAST. This market is about planning ahead. 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: Before you start, find out exactly what your top price point is, and search for homes 5-10% below that price point, in case you have to offer above list price (i.e., If $200,000 is what your lender says your maximum price point is, search for homes between $180,000-$190,000). Make sure you ask your lender about any governmental incentives or grants you may qualify for, as well. And as always please feel free to reach out!


All the best,

Annie Zambito

Licensed Salesperson
Compass WisconsinLake Geneva

annie.zambito@compass.com
www.COMPASS.com | Compass Profile

My February 2022


Search for Your Next Home HERE

Get Your Free Property Valuation Here


Sources:

Existing Home Sales Report.NATIONAL ASSOCIATION OF REALTORS®. March, 2022.

Simmons, Quintin, “Existing-Home Sales Fade 7.2% in February,” NATIONAL ASSOCIATION OF REALTORS®. March 18th, 2022.

February 2022 Home Sales Report,” Wisconsin REALTORS® Association. March 21st, 2022.

Patterson, Jean. “Local Market Reports.” MetroMLS®. March 10th, 2022.

Zielinski, Dan. “Market Reports: February 2022.” FlexMLS® & MetroMLS®. March 14th, 2022.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.