…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.
April 20, 2022 | Quintin Simmons
- 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.
© 2022 National Association of REALTORS®. All Rights Reserved.
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.
Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.
METRO MILWAUKEE AREA
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
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:
- “Timeline: Russia’s Invasion of Ukraine Enters Third Month,” By Reuters | April 23, 2022, at 3:49 a.m.
- “Feb. 24: Russia invades Ukraine from three fronts in the biggest assault on a European state since World War Two. Tens of thousands flee.”
- “Fed Raises Interest Rates for the First Time Since 2018 in Bid to Curb Inflation, Sees Six More Hikes in 2022,” By Tim Smart | March 16, 2022, at 2:22 p.m.
- March, First Quarter 2022 Review and Outlook by The Market Intelligence Desk Team | April 1, 2022, at 2:45 P.M
- “U.S. stocks have first quarterly decline since the onset of the Covid pandemic in the first quarter of 2020.”
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,
Licensed Real Estate Agent
Compass Wisconsin – Lake Geneva
My March 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.