for the Greater Lake Geneva Wisconsin Area…
The following are highlights of housing market data for the month of February 2023, collected from trusted real estate resources across the nation, the state and local municipalities. Stay informed and keep reading for the latest information.
National Association of REALTORS®
NAR’s “February 2023 Existing Home Sales Report“
Existing-Home Sales Surged 14.5% in February, Ending 12-Month Streak of Decline
Largest monthly percentage increase since July 2020
- “Existing-home sales jumped 14.5% in February to a seasonally adjusted annual rate of 4.58 million, snapping a 12-month slide and representing the largest monthly percentage increase since July 2020 (+22.4%). Compared to one year ago, however, sales retreated 22.6%.
- The median existing-home sales price decreased 0.2% from the previous year to $363,000.
- The inventory of unsold existing homes was unchanged from the prior month at 980,000 at the end of February, or the equivalent of 2.6 months’ supply at the current monthly sales pace.”
March 21, 2023 | Troy Green | © 2023 National Association of REALTORS®. All Rights Reserved.
Wisconsin REALTORS® Association
WRA’s “February 2023 Home Sales Report“
Wisconsin Housing Stats: February 2023
Lower Inventories Hamper Home Sales and Boost Prices
- “Wisconsin existing home sales continued their slide, with sales falling by a significant margin for five straight months.
- Homes sales fell 28.1% in February 2023 compared to February 2022, and the median price rose 11.7% to $262,500 over that same period.
- Every region of the state showed the same general pattern of slumping sales and median home price appreciation.
- Regional home sales dropped between 22% and 34.8% in five of the six regions of the state. The largest decline was in the North region where sales slid 40.3% between February 2022 and February 2023.
- Not surprisingly, the winter is a slow period for sales in Wisconsin, and the December through-February period only accounts for 16.7% of sales in a typical year.
- However, this winter was especially weak, with sales falling 31.9% compared to the winter period 12 months earlier.”
February 2023 Housing Statistics Infographic Report
March 23, 2023 | Copyright 1998 – 2023 Wisconsin REALTORS® Association. All rights reserved.
Metro Multiple Listing Service, Inc
Metro MLS’s “Market Reports: February 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.”
March 13, 2023 | Metro MLS, Dan Zielinski | ©2023 Metro Multiple Listing Service, Inc
Metro MLS’s “Local Monthly Market Reports“
March 10, 2023 | Jean Patterson | ©2023 Metro Multiple Listing Service, Inc | Powered by RapidStats
Above are the February 2023 statistics for Kenosha, Racine and Walworth Counties, PLUS the Lake Geneva – Delavan – Williams Bay area, by Metro MLS, as well.
Notable Market Updates:
Realtor.com®’s “February 2023 Monthly Housing Market Trends Report“
- “The number of homes for sale has increased by 67.8% compared to last year.
- The total number of unsold homes, including homes that are under contract, has increased by 13.3% compared to last year.
- Home sellers are less active this year, with 15.9% fewer homes being listed for sale compared to last year.
- The median price of homes for sale has increased by 7.8% annually in February, lower than January’s growth rate.
- Homes are spending 67 days on the market, which is 23 days longer than last year but still shorter than before the pandemic.”
March 02, 2023 | Sabrina Speianu and Danielle Hale | © 1995-2023 National Association of REALTORS® and Move, Inc. All rights reserved.
Here to help you navigate through real estate from A to Z…
Buyers: While the Federal Reserve Board fights inflation, there are new incentives for home buyers at every turn, from federal and state grants to unique local lender programs. If you would like or need to purchase a home within the next few years, my best advise would be to start by reaching out. With less buyer activity, sellers are more negotiable. The current market tides are closer to that of a ‘buyers market’ than they have been in years. I’m here when you’re ready to get the process started.
Sellers: Please note how important it is to stay informed of your LOCAL market; often you’ll find the data varies drastically, comparing one specific market to that of the whole Nation. Typically speaking, in Southeastern Wisconsin, the real estate market is less active during the winter months. Therefore, the declines do not scare me; it makes sense. That being said, Spring has officially started now, and market activity has already increased, as expected. The hot market season, of Memorial Day to Labor Day, is just around the corner. Please reach out for your complimentary home valuation, to discuss the market, or just to catch up!
All the best,
Licensed Real Estate Agent
Compass Wisconsin – Lake Geneva
262.248.4492 | www.COMPASS.com
Hale, Danielle; Speaniu, Sabrina. “February 2023 Monthly Housing Market Trends Report,” Realtor.com®. March 2, 2023.
Patterson, Jean. “Local Market Reports,” Metro Multiple Listing Service, Inc®. March 10, 2023.
Zielinski, Dan. “Market Reports: February 2023,” FlexMLS® & MetroMLS®. March 13, 2023.
“February 2023 Home Sales Report“,” Wisconsin REALTORS® Association. March 23, 2023.
Green, Troy, “Existing-Home Sales Surged 14.5% in February, Ending 12-Month Streak of Declines,” National Association of Realtors®. March 21, 2023.
“Existing-Home Sales Housing Snapshot,” National Association of REALTORS®. March 21, 2023.