July 2022 Housing Market Update

for the Greater Lake Geneva Wisconsin Area

The following is a breakdown of July 2022 housing market data collected from trusted real estate resources, coast to coast.


HYPERLOCAL DATA for SOUTHEASTERN WISCONSIN

Metro Multiple Listing Service, Inc


Metro MLS’s “July 2022 Market Report

“Active listings decreased 14.4% and sold listings dropped 18.6% compared to this time last year. The Months of Supply of Inventory experienced a 5.2% increase compared to last July.”

Aug 11, 2022 | Metro MLS, Dan Zielinski | ©2022 Metro Multiple Listing Service, Inc

Metro MLS’s “Local Monthly Market Reports

August 10, 2022 | Jean Patterson | ©2022 Metro Multiple Listing Service, Inc | Powered by RapidStats

Above are the July 2022 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay municipalities, by Metro MLS, as well. You will note all 4 reports show double digit drops in New Listings and Closed Sales year over year. Where I live, in Walworth County, and in the nearby cities, we saw an increase in median sales prices, compared to July 2021, as well.


WRA-Logo-Outlines-1

STATEWIDE DATA for WISCONSIN

Wisconsin REALTORS® Association


WRA’s “July 2022 Home Sales Report

WRA’s July 2022 Home Sales Report: Weak Inventories, Slowing Economy and Higher Mortgage Rates Hamper July Housing Market

“Weak Inventories, Slowing Economy and Higher Mortgage Rate Hamper July Housing Market. A combination of market and economic factors hindered July home sales. The inventory problem placed upward pressure on prices. The median price rose 9.6% to $263,000 compared to a year ago. Existing home sales fell 19.2% compared to a year ago. Demand remains strong even with recent mortgage rate spikes.”

August 22, 2022 | Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.

National Association of REALTORS®

NAR’s “Existing-Home Sales Housing Snapshot

“July 2022 brought 4.81 million in sales, a median sales price of $403,800, and 3.3 months of inventory. The median sales price is up 10.8% year-over-year, and inventory was up 0.7 months from July 2021.”


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

NAR’s July 2022 Report: “Existing-Home Sales Retreated 5.9% in July

Key Highlights
Existing-home sales fell for the sixth consecutive month to a seasonally adjusted annual rate of 4.81 million. Sales were down 5.9% from June and 20.2% from one year ago.
The median existing-home sales price climbed 10.8% from one year ago to $403,800. That’s down $10,000, however, from last month’s record high of $413,800.
The inventory of unsold existing homes rose to 1.31 million by the end of July, or the equivalent of 3.3 months at the current monthly sales pace.

[…]

Regional Breakdown

[…]

Existing-home sales in the Midwest declined 3.3% from the prior month to an annual rate of 1,190,000 in July, dropping 14.4% from July 2021. The median price in the Midwest was $293,300, up 7.0% from the previous year.”

August 18, 2022 | Troy Green | © 2022 National Association of REALTORS®. All Rights Reserved.

Other Notable Market Updates:

Realtor.com®’s July 2022 Monthly Housing Market Trends Report

“The national inventory of active listings increased by 30.7% over last year, a record-high growth rate.
The total inventory of unsold homes, including pending listings, increased by just 3.5% year-over-year due to a decline in pending inventory but has increased for the first time since September 2019.
Sellers paused in July, as newly listed homes declined by 2.8% on a year-over-year basis.
The median list price grew by 16.6% in July, supported by slowly adjusting seller expectations and a bigger share of larger homes being listed. However, signs of softening price growth are present in a decelerating growth rate and a rising share of price reductions.
Time on market was 35 days, just two days less than last year but 26 days less than typical pre-pandemic levels.”

by Sabrina Speianu and Danielle Hale, August 9, 2022.


Note to Active Buyers and Potential Sellers

Buyers: The sellers market has softened. In other words, buyers have more negotiation power than they have had in the past few years. In other words, it is a good time to buy. Please feel free to reach out!

Sellers: If you want to sell your home, but have heard a bunch of conflicting information — please know, you’re not alone. Demand is still high, but not as high as it was a year or even two years ago. That being said, there are strategies to draw up the greatest amount of interest, allowing you to reap the highest financial return on your investment. Contact me for your free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Annie Zambito

Licensed Real Estate Agent
Compass WisconsinLake Geneva

262.248.4492 | www.COMPASS.com

Agent Profile | annie.zambito@compass.com


My July 2022


Sources:

Zielinski, Dan. “Market Reports: May 2022,” FlexMLS® & MetroMLS®. August 11, 2022.

Patterson, Jean. “Local Market Reports,” Metro Multiple Listing Service, Inc®. August 10, 2022.

Weak Inventories, Slowing Economy and Higher Mortgage Rates Hamper July Housing Market,” Wisconsin REALTORS® Association. August 22, 2022.

Green, Troy, “Existing-Home Sales Retreated 5.9% in July,” National Association of Realtors®. August 18, 2022.

Existing-Home Sales Housing Snapshot,National Association of REALTORS®. August 18, 2022.

Hale, Danielle; Speaniu, Sabrina.July 2022 Monthly Housing Market Trends Report,” Realtor.com®. .August 9, 2022.


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