December 2022 Housing Market Update

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 December 2022 Housing Market Update for the Lake Geneva Wisconsin area.


LOCAL AREA

Metro Multiple Listing Service, Inc


Metro MLS’s “Market Reports: December 2022

In the four-county Milwaukee metropolitan area, active listings decreased 8.2% and sold listings dropped 34.3% compared to this time last year. The Months of Supply of Inventory experienced a 39.8% increase compared to last December.

January 12, 2022 | Metro MLS, Dan Zielinski | ©2022 Metro Multiple Listing Service, Inc

Metro MLS’s “Local Monthly Market Reports

January 10, 2023 | Jean Patterson | ©2022 Metro Multiple Listing Service, Inc | Powered by RapidStats

Above are the December 2022 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay area, by Metro MLS, as well.


WRA-Logo-Outlines-1

STATEWIDE

Wisconsin REALTORS® Association


WRA’s Wisconsin Housing Stats: A 2022 Review

5nbk8n-1

Housing Market Softens as Both Supply and Demand Weaken in 2022

“Home sales slid 30.5% in the fourth quarter of 2022 relative to the fourth quarter of 2021. 2022 home sales fell 14.6% compared to the record sales of 2021. The median price for all of 2022 rose to $264,600. Total listings fell 17.8% over the past 12 months. Wisconsin remains well below the 6 months of supply that characterizes a balanced market, so there is a strong seller advantage. The average mortgage rate more than doubled from 3.1% in December 2021 to 6.6% in December 2022.

January 17, 2023 | Copyright 1998 – 2022 Wisconsin REALTORS® Association. All rights reserved.


December 2022 Housing Statistics Infographic Report


National Association of REALTORS®
https://www.nar.realtor/infographics/existing-home-sales-housing-snapshot

NAR’s “December 2022 Existing Home Sales Report

Existing-home sales retreated for the eleventh consecutive much in December 2022, with three of the four U.S. regions recording month-over-month drops.

Existing-Home Sales Receded 1.5% in December

The median existing-home sales price climbed 2.3% from the previous year to $366,900. […] Existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021, as last year’s rapidly escalating interest rate environment weighed on the residential real estate market.

January 23, 2023 | Troy Green | © 2022 National Association of REALTORS®. All Rights Reserved.


Notable Market Updates:

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

The number of homes for sale has increased by 54.7% compared to last year.

The total number of unsold homes, including homes that are under contract, has increased by 6.0% compared to last year.

Home sellers are less active this year, with 21.0% fewer homes being listed for sale compared to last year.

The median price of homes for sale has increased by about 8.4% this month, but the rate of price growth has slowed down, entering single-digit territory for the first time in 12 months.

Homes are spending 67 days on the market, which is eleven days longer than last year but still shorter than before the pandemic.

January 12, 2023 | Sabrina Speianu and Danielle Hale | © 1995-2022 National Association of REALTORS® and Move, Inc. All rights reserved.

Take Aways:

Here to help you navigate through real estate from A to Z…

Buyers: Relief for buyers, whom have been uncomfortable with the competitive nature of the market, has arrived! Prices definitely peaked last year, and have since come back down. PLUS, with higher interest rates and weakened demand, active buyers have more of an upper hand today than they have had in recent months; you may find sellers are more negotiable. Feel free to reach out with any questions and/or to start your home search.

Sellers: Above in the WRA’s article, you’ll read: “Wisconsin remains well below the 6 months of supply that characterizes a balanced market, so there is a strong seller advantage.” The truth remains: Inventory is down, compared to last month, compared to last year, etc. This means we’re still technically in a sellers market. Let’s Connect!! We can discuss your home, neighborhood, future plans and answer any questions you may have; I’m always willing to create a complimentary home valuation for you, as well.

stay warm,

Annie Z.

Licensed Real Estate Agent
Compass WisconsinLake Geneva

262.248.4492 | www.COMPASS.com


My December 2022


FOLLOW ME ON SOCIAL MEDIA!!


Would you like this monthly update emailed to you directly? Subscribe here!


Sources:

Patterson, Jean. “Local Market Reports,” Metro Multiple Listing Service, Inc®. January 10, 2023.

Hale, Danielle; Speaniu, Sabrina.December 2022 Monthly Housing Market Trends Report,” Realtor.com®. January 12, 2023.

Zielinski, Dan. “Market Reports: December 2022,” FlexMLS® & MetroMLS®. January 13, 2023.

Wisconsin Housing Stats: A 2022 Review“”,Wisconsin REALTORS® Association. January 17, 2023.

Green, Troy, “Existing-Home Sales Receded 1.5% in December,” National Association of Realtors®. January 20, 2023.

Existing-Home Sales Housing Snapshot,National Association of REALTORS®. January 20, 2023.

Advertisement

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.