March 2022 Housing Market Update

…for the Greater Lake Geneva Wisconsin Area

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

NATIONALLY

National Association of REALTORS®

Existing-Home Sales

Existing-Home Sales Slip 2.7% in March

April 20, 2022 | Quintin Simmons
Key Highlights
  • Existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. Sales were down 2.7% from the prior month and 4.5% from a year ago. 
  • With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of March. That would support 2.0 months at the monthly sales pace.
  • The median existing-home sales price rose to $375,300, up 15% from one year ago.
EHS Housing Snapshot Infographic March 2022

See and share this infographic.

© 2022 National Association of REALTORS®. All Rights Reserved.


STATEWIDE



WRA-Logo-Outlines-1

Wisconsin Housing Stats: March 2022

Rising Prices and Higher Mortgage Rates Reduce Affordable 

April 18, 2022

Low inventories drove up prices in March and limited sales.
Sales in the first quarter of 2022 were down relative to the first quarter of 2021.
The median price rose 9.6% in March 2022 vs. March 2021.
Housing inventories tightened in every region of the state.
The Wisconsin existing home market continues to be a strong seller’s market.

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See full housing report

Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.


METRO MILWAUKEE AREA


Metro Multiple Listing Service, Inc

Market Reports: March 2022

by Dan Zielinski | Apr 13, 2022 | Metro MLS

Active listings decreased 12% and sold listings dropped 4.1% compared to this time last year. The Months of Supply of Inventory experienced a decrease, falling 8.2% compared to last March.

Hyper-Local / Greater Lake Geneva Area

Monthly Local Market Reports | Jean Patterson | April 11th, 2022.

©2020 Metro MLS | Metro Multiple Listing Service, Inc


IN REVIEW

The March housing market experienced a dip, overall. There were less homes sold, and at higher prices, in March 2022 compared to March 2021 — Nationally and Statewide, down to the Counties and Municipalities of the Greater Lake Geneva Area.

Why might this be? Here are three key factors:

Surprisingly, when you look at Kenosha County, Racine County and Walworth County, there were technically more new listings compared to last year (contrasting the broader market reports). Personally, I will attest to the fact that the local market is still very active, with plenty of multiple offer situations and quick transactions.

Sellers: This is still a strong sellers market, even more so in your favor with low inventory. The interest rates reflect what they were pre-pandemic; buyer demand is strong with Memorial Day right around the corner. 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: The interest rates are scheduled to increase; however, as they do, I expect prices of homes to adjust downward. The key in this market is to be ready to jump; in other words, have your mortgage loan pre-approval ready, and keep your criteria top of mind. When the right home hits the market you do not want to miss your opportunity. As always please feel free to reach out!


All the best,

Annie Zambito

Licensed Real Estate Agent
Compass WisconsinLake Geneva

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


My March 2022


Sources:

Existing Home Sales Report.NATIONAL ASSOCIATION OF REALTORS®. April 20th, 2022.

Simmons, Quintin, “Existing-Home Sales Slip 2.7% in March,” NATIONAL ASSOCIATION OF REALTORS®. April 20th, 2022.

March 2022 Home Sales Report,” Wisconsin REALTORS® Association. April 18th, 2022.

Patterson, Jean. “Local Market Reports,” MetroMLS®. April 11th, 2022.

Zielinski, Dan. “Market Reports: March 2022,” FlexMLS® & MetroMLS®. April 13th, 2022.

Reuters. “Timeline: Russia’s Invasion of Ukraine Enters Third Month,” U.S. News & World Report L.P.©. April 23, 2022.

Smart, Tim. “Fed Raises Interest Rates for the First Time Since 2018 in Bid to Curb Inflation, Sees Six More Hikes in 2022,” U.S. News & World Report L.P.©. March 16, 2022.

The Market Intelligence Desk Team. “March, First Quarter 2022 Review and Outlook,” Nasdaq, Inc.©. April 1, 2022.

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