August 2022 Housing Market Update

for the Lake Geneva Wisconsin Area & Beyond…

The following is a breakdown of August 2022 housing market data collected from trusted real estate resources, from national to local.


LOCAL AREA

Metro Multiple Listing Service, Inc


Metro MLS’s “August 2022 Market Report

In the four-county Milwaukee metropolitan area, active listings decreased 22.1% and sold listings dropped 15.1% compared to this time last year. The Months of Supply of Inventory experienced an 8.3% decrease compared to last August.”

September 13, 2022 | Metro MLS, Dan Zielinski | ©2022 Metro Multiple Listing Service, Inc

Metro MLS’s “Local Monthly Market Reports

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


Above are the August 2022 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay area, by Metro MLS, as well. You will see all 4 reports show double digit drops in New Listings; our area also had fewer closings, and higher prices this August compared to August 2021.


WRA-Logo-Outlines-1

STATEWIDE

Wisconsin REALTORS® Association


WRA’s August 2022 Home Sales Report

Low Inventories Diminish Sales and Increase Prices as Summer Housing Market Winds Down

“Existing home sales fell 10.4% over the past 12 months, and the median price rose to $271,000 in August 2022, which is an increase of 8.4% compared to August 2021.

[…] Mortgage rates eased slightly for the second straight month, falling to 5.22% in August, down from 5.52% in June this year but well above the 2.84% level from August 2021.”

September 20, 2022 | Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.


National Association of REALTORS®

NAR’s “August 2022 Report

Existing-Home Sales Slipped 0.4% in August

Existing-home sales decreased for the seventh straight month […]. Sales tailed off 0.4% from July and 19.9% from the previous year. The median existing-home sales price rose 7.7% from one year ago to $389,500.”

September 21, 2022 | Troy Green | © 2022 National Association of REALTORS®. All Rights Reserved.


Other Notable Market Updates:

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

NOTE: Miami, Florida, had the largest increase in median list price this August, compared to August 2021, of 33.4%, followed by Memphis, Tennessee, which had a 25.8% increase, and Milwaukee, Wisconsin, which went up by 25%.

September 1, 2022 | Sabrina Speianu and Danielle Hale | © 1995-2022 National Association of REALTORS® and Move, Inc. All rights reserved.


Note to Potential Buyers and Sellers:

Buyers: Fall is an ideal time to buy a home for those of you looking for negotiable sellers and less competition. Homes that are listed in the fall, or are still on the market come fall, experience less demand/fewer active buyers; therefore, sellers are often easier to work with because they simply want to close by end of year. If you’re interested in improving or starting your next home search, feel free to reach out!

Sellers: Today is the first day of Fall. Winter is coming, but there is still time to sell your home before the end of the fiscal year if you act quickly. Qualified buyers are still out there; the proper pricing and marketing strategies are key in this particular market. Contact me for your free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Annie Z.

Licensed Real Estate Agent
Compass WisconsinLake Geneva

262.248.4492 | www.COMPASS.com

Agent Profile | annie.zambito@compass.com


My August 2022


Sources:

Zielinski, Dan. “Market Reports: August 2022,” FlexMLS® & MetroMLS®. September 13, 2022.

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

Low Inventories Diminish Sales and Increase Prices as Summer Housing Market Winds Down“, Wisconsin REALTORS® Association. September 20, 2022.

Green, Troy, “Existing-Home Sales Slipped 0.4% in August,” National Association of Realtors®. September 21, 2022.

Existing-Home Sales Housing Snapshot,National Association of REALTORS®. September 21, 2022.

Hale, Danielle; Speaniu, Sabrina.August 2022 Monthly Housing Market Trends Report,” Realtor.com®. .September 1, 2022.


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