for the Lake Geneva Wisconsin Area…
The following are highlights of housing market data for the previous month collected from trusted real estate resources across the nation, the state and local municipalities. Keep reading for your November 2022 Housing Market Update for the Lake Geneva Wisconsin area.
Metro MLS’s “Market Reports: November 2022“
“In the four-county Milwaukee metropolitan area, active listings decreased 19% and sold listings dropped 32.9% compared to this time last year. The Months of Supply of Inventory experienced a 20.7% increase compared to last November.”
December 13, 2022 | Metro MLS, Dan Zielinski | ©2022 Metro Multiple Listing Service, Inc
Metro MLS’s “Local Monthly Market Reports“
December 10, 2022 | Jean Patterson | ©2022 Metro Multiple Listing Service, Inc | Powered by RapidStats
Above are the November 2022 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay area, by Metro MLS, as well.
“Declining Affordability and Tight Inventories Lead to Slide in Home Sales
The median price in November stood at $259,950. Total listings dropped 21.8% year over year. Homes sales slid 31.7% compared to November 2021. Affordability fell 33.8% between November 2021 and November 2022. Average days on the market dropped 5.6% year over year.”
December 20, 2022 | Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.
Wisconsin REALTORS® Association | 4801 Forest Run Road | Madison, WI 53597 | 608.241.2047 | wra.org
Check out the WRA report above for an easily digestible version of the state’s market data.
“Existing-Home Sales Dipped 7.7% in November
Existing-home sales fell for the tenth consecutive month to a seasonally adjusted annual rate of 4.09 million. Sales slipped 7.7% from October and 35.4% from the previous year. The median existing-home sales price rose to $370,700, an increase of 3.5% from one year ago. The inventory of unsold existing homes retreated for the fourth straight month to 1.14 million at the end of November, or the equivalent of 3.3 months’ supply at the current monthly sales pace.”
Notable Market Updates:
Realtor.com®’s “November 2022 Monthly Housing Market Trends Report“
Here to help you navigate through real estate from A to Z…
Buyers: One positive theme, seen repeatedly in the statistics above, is the increase in the “month’s inventory” compared to this time last year. That means there are more homes on the market right now than there were last November. You might think the holiday season is not the ideal time of year to purchase a home, and you wouldn’t be alone. Generally speaking, there are less active buyers in November and December, but in my opinion this makes it an ideal time of year to buy a home if you would like to avoid competition. Please feel free to reach out with any questions and/or to start your home search.
Sellers: Across the board, you’ll notice that ‘new listings’ are down. The new year is coming and it is a great time of year to list your home, and be top of mind as previously inactive buyers jump back into their home hunt once the holidays are over. Let’s Connect!! I’d be happy to talk about your home, neighborhood, future plans, answer any questions you may have or create a complimentary home valuation for you.
Licensed Real Estate Agent
Compass Wisconsin – Lake Geneva
262.248.4492 | www.COMPASS.com
Hale, Danielle; Speaniu, Sabrina. “November 2022 Monthly Housing Market Trends Report,” Realtor.com®. December 1, 2022.