for the Greater 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 January 2023 Housing Market Update for the Lake Geneva Wisconsin area.

LOCAL AREA

Metro Multiple Listing Service, Inc

Metro MLS’s “Market Reports: January 2023“

“In the four-county Milwaukee metropolitan area, active listings decreased 5.6% and sold listings dropped 30.6% compared to this time last year. The Months of Supply of Inventory experienced a 36% increase compared to last January.”

February 14, 2023 | Metro MLS, Dan Zielinski | ©2022 Metro Multiple Listing Service, Inc

Metro MLS’s “Local Monthly Market Reports“

Kenosha County.pdf Download

Racine County.pdf Download

Walworth County.pdf Download

Lake Geneva – Delavan – Williams Bay.pdf Download

Above are the January 2023 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay area, by Metro MLS, as well.

STATEWIDE

Wisconsin REALTORS® Association

WRA’s “January 2023 Home Sales Report“

High Prices and Low Affordability Hamper January Home Sales

“Wisconsin existing home sales fell 33.8% in January 2023 relative to January 2022, and the median price of homes that closed in January rose 8.5% over that same 12-month period to $250,000.

“The slide in January home sales continued a trend that first emerged in the fourth quarter of 2022. While home sales in the first nine months of 2022 fell 8.8% compared to the first nine months of 2021, they slid 30.1% in the fourth quarter of 2022 compared to that same quarter in 2021.

“Although mortgage rates have fallen from peak levels in October 2022 when they averaged 6.90%, they remained relatively high in January 2023 at 6.27%. Note that this compares to a rate that averaged just 3.45% in January 2022.

“New listings are down 26.2% compared to January 2022, and total listings are 16.2% lower than their levels 12 months earlier.”

January 2023 Housing Statistics Infographic Report

WisconsinHousingInfographic-January2023.pdf Download

NATIONAL

National Association of REALTORS®

EHS Housing Snapshot Infographic March 2022

NAR’s “January 2023 Existing Home Sales Report“

Existing-Home Sales Descended 0.7% in January

“Existing-home sales waned for the twelfth consecutive month to a seasonally adjusted annual rate of 4.00 million. Sales slipped 0.7% from December 2022 and 36.9% from the previous year.

“The median existing-home sales price increased 1.3% from one year ago to $359,000.

“The inventory of unsold existing homes grew from the prior month to 980,000 at the end of January, or the equivalent of 2.9 months’ supply at the current monthly sales pace.”

Notable Market Updates:

Realtor.com®’s “January 2023 Monthly Housing Market Trends Report“

“The number of homes for sale has increased by 65.5% compared to last year.

“The median price of homes for sale has increased by 8.1% annually in January, only slightly less than December’s growth rate.

“Homes are spending 75 days on the market, which is 13 days longer than last year but still shorter than before the pandemic.”

Take Aways:

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

Buyers: Much of the economic market news is highlighting inflation. One week it’s up, the next, it’s down. Obviously, with the housing market being part of the overall economic market, real estate will not stabilize until all of the economic uncertainty dissipates. That being said, with rose tinted glasses, one could say an uncertain market means sellers will be more negotiable. Feel free to reach out with any questions or to start your home search.

Sellers: If there’s one thing this market needs, it’s more inventory. I keep thinking of all of the buyers who wrote offers that were not accepted these past couple years, and subsequently decided to take a break from housing hunting to avoid engaging in the dreaded “bidding war.” Those buyers still need homes! Many have kept an eye on the market, sitting on the sidelines, waiting for more inventory. Please reach out for your complimentary home valuation, market, stats, or just to chitchat… I’m here for you.

stay safe out there!!