July 2021 Housing Market Update

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Our ‘hot market’ season is Memorial Day to Labor Day, here in the Greater Lake Geneva area, with July smack dab in the middle. The numbers are out, and the reports are in, for the July 2021 real estate market. Hopefully this blog entry gives you peace of mind enough to enjoy what’s left of summer …because we all know, like Ned Stark said (Game of Thrones), “winter is coming!”

NATIONALLY

  • Summary: Nationally and regionally (in the Midwest), existing home sales and median sales prices increased in July 2021 compared to last year and last month.

The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Climb 2.0% in July,” (Quintin Simmons, August 23, 2021). The following bullet points are additional highlights from this release.

Existing-Home Sales

  • “Existing-home sales rose in July, marking two consecutive months of increases, according to the National Association of Realtors®.”
  • “The median existing-home price for all housing types in July was $359,900, up 17.8% from July 2020 ($305,600), as each region saw prices climb.”
  • “Existing-home sales rose 2% on a seasonally adjusted annual rate from June to July, with no sales declines showing in any regions.”
  • “According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.87% in July, marginally down from 2.98% in June. The average commitment rate across all of 2020 was 3.11%.”
  • “Existing-home sales in the Midwest rose 3.8% to an annual rate of 1,380,000 in July, a 1.4% decline from a year ago. The median price in the Midwest was $275,300, a 13.1% increase from July 2020.”

STATEWIDE

  • Summary: In Wisconsin, home sales declined in July 2021, compared to July 2020; however, year-to-date existing home sales were up compared to this time last year. Additionally, median prices went up, and average days on market are down, year over year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, Home Sales Moderate in July as Prices Continue to Rise. Here are some additional key takeaways:

July 2021 Home Sales Report

  • “July 2021 home sales fell 14.2% relative to July 2020, and the statewide median price rose to $250,000 in July, an increase of 10.7% over the past 12 month”
  • “On a year-to-date basis, sales are still in positive territory, with existing home sales up 3.9% for the first seven months of 2021 relative to that same period in 2020. Median prices are up 12.4% to $240,000 year to date.”
  • “Total listings are 11.0% lower than 12 months earlier in July 2020, but this is a significant improvement compared to how the year began. Total January listings were 30.7% lower than a year earlier.”
  • “Average days on the market dropped 27.8% compared to July 2020, falling from 90 days to just 65 days. This is the lowest level for days on the market since the WRA began tracking this data in January 2005. “

LOCAL MARKET

  • Summary: In July 2021, our tri-county area (Kenosha, Racine & Walworth Counties) saw a decline in the number of closed sales and an increase in sales price compared to this time last year. While the number of new listings fluctuated across counties and municipalities, we clearly have more buyer demand than we have available housing.

Below are (1) the July 2021 Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay areas; and (2) their monthly blog post called Market Reports: July 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: JULY 2021

The sellers’ market continued in July, with the median sales price increasing while inventory levels and days on market decreased compared to last July.

New listings in the Milwaukee region increased 2% to 2,700. Closed sales decreased by 1.5% to 2,163. Inventory levels decreased 2.5% to 4,090 units.

Prices continued to gain traction. The median sales price increased 9% to $290,000. Days on Market was down 48.2% to 14 days. The months supply of inventory decreased 1% to 1.9 months.

by Dan Zielinski | Aug 16, 2021 | Metro MLSFlexMLS


Other Market Updates:

July 2021 Housing Market Trends Report – Realtor.com Research

Speianu, Sabrina.July 2021 Monthly Housing Market Trends Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market.” Realtor.com®

Sellers: Please re-read statewide section above. Year-to-date sales are up, sales prices are up, inventory is low, and interest rates are low, in July 2021. What does this mean? Well, I’ll put it this way: I have yet to witness a stronger sellers’ market. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Interest rates are down, compared to this time last year, AND compared to last month. While it is a competitive market, it is a GREAT time to buy. Money is cheap; peace of mind is priceless. I am here to help – please feel free to reach out!

All the best,

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE  |  LAKE GENEVA, WI 53147
PHONE 262.348.3253   |   262.215.1982
EMAIL   azambito@keeferealestate.com  |  anniezrealty@gmail.com
OFFICE   262.248.4492  |  www.keeferealestate.com    


My July 2021


Sources

Game of Thrones. Created by David Benioff and D. B. Weiss, HBO Entertainment, 2011–2019.

Local Market Reports.” MetroMLS®. August 23, 2021.

Zielinski, Dan. “Market Reports: July 2021.” FlexMLS® & Metro MLS ®. August 23, 2021.

July 2021 Home Sales Report.” Wisconsin REALTORS® Association. August 23, 2021.

Speianu, Sabrina.July 2021 Monthly Housing Market Trends Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market.” Realtor.com®. August 23, 2021.

Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. August 23, 2021.

Simmons, Quintin. “Existing-Home Sales Climb 2.0% in July,” NATIONAL ASSOCIATION OF REALTORS® August 23, 2021.

June 2021 Housing Market Update

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Our area has seen a steady increase in Closed Sales every month so far this year, according to the Local Market Reports by MetroMLS. Median Sales Price has mainly gone up, but New Listings have fluctuated in 2021. In the Greater Lake Geneva area, June is typically an active month in real estate. Despite low inventory, it was overall a positive month. Keep reading for the national, statewide and hyperlocal June 2021 market breakdown.

NATIONALLY

  • Summary: Nationally, existing home sales went UP 1.4%, and regionally, the Midwest AGAIN outperforms the 3 other major regions of the U.S., in June 2021 compared to June 2020!

As a country, the National Association of REALTORS® most recent Existing Home Sales Report, for June 2021, shows some positive news on a national scale… finally. The following highlights are additional highlights from this release:

Existing-Home Sales (highlights)

-Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June

-The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace

-The median existing-home sales price rose at a year-over-year pace of 23.4%, the second highest level recorded since January 1999.

-Homes on the market typically sold in 17 days

[…]

-Existing-home sales in the Midwest rose 3.1% to an annual rate of 1,330,000 in June, an 18.8% increase from a year ago.

-The median price in the Midwest was $278,700, an 18.5% increase from June 2020.

Simmons, Quintin. “ Existing-Home Sales Expand 1.4% in June.” NATIONAL ASSOCIATION OF REALTORS®

STATEWIDE

  • Summary: In Wisconsin, the month of June 2021 brought: more existing home sales, higher median sales prices, more new listings and fewer days on market, compared to last June.

On the state level, the Wisconsin REALTORS® Association, released their monthly market report with the headline, “Wisconsin Housing Market Strong in First Half of 2021,” (Wisconsin Housing Statistics June 2021 Report). Here are some additional key takeaways:

June 2021 Home Sales Report (highlights)

-Through the first half of 2021, existing home sales rose 8.4% relative to that same period last year, and median prices were up 11.9% over that same period to $235,000 on continued tight inventory.

-Regionally, the strongest annual growth in sales over the first six months of the year was seen in the North region, up 13.5%; the Southeast region [of the state] up 12.5%; and the Central region, up 10.5%.

-While total listings in June were 19.3% below listings from a year earlier, the number of new listings were up 9.6% compared to June 2020

-June home sales kept pace with sales in June 2020, whereas median prices rose 15.2% to $257,000 over the 12-month period.

-There were just 3 months of available supply of housing in June, which indicates a strong seller’s advantage in the market.

-Average days on the market dropped to just 69 days in June, down from 96 days in June of last year. This is the lowest statewide figure on record since […] 2005.

-The strong price pressure caused housing affordability to slip 9.5% compared to June 2020.

Wisconsin Housing Statistics June 2021 Report by Wisconsin REALTORS® Association

LOCAL MARKET

  • Summary: Walworth County, and the Lake Geneva-Geneva-Delavan-Williams Bay Area saw a decrease in new listings, but an increase in closed sales and median sales price, in June 2021 compared to June 2020.

Below you will see evidence of a sellers’ market – fewer homes available to pick from, listed at higher prices. Read the Local Market Reports by MetroMLS, and the Market Report: June 2021 by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee. Specifically, the images show the June 2021 housing statistics for Kenosha, Racine, and Walworth Counties as well as the Lake Geneva, Delavan, Williams Bay area:

Monthly Indicators: June2021 (highlights)

School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. […] Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.

Some buyers [are forced] to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand.

As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.

by Dan Zielinski of FlexMLS


Other Market Updates:

June 2021 Housing Market Trends Report – Realtor.com Research

Speianu, Sabrina.June 2021 Monthly Housing Market Trends Report: New Listings Stage a Comeback in June as Home Prices Hit a New High.” Realtor.com®

Sellers: The market still heavily weighs in your favor. That being said, buyer demand will be curbed by upcoming interest rate increases. When that will be is unclear, but it is inevitable, and I’d wager to say by 2022. In my opinion, this is the year to sell. Contact me if you have questions or would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Strategy and patience are key. Have your financing and your backup plan in order. Draw your lines and try not to jump too fast. Just because the sellers are in the driver’s seat does not mean you have to get the short end of the stick. You need an agent who will negotiate on your behalf, with integrity. I am here to help – please feel free to reach out!

All the best,

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE  |  LAKE GENEVA, WI 53147
PHONE 262.348.3253   |   262.215.1982
EMAIL   azambito@keeferealestate.com  |  anniezrealty@gmail.com
OFFICE   262.248.4492  |  www.keeferealestate.com    


My June 2021


Sources

Local Market Reports.” MetroMLS®. July 22, 2021.

Zielinski, Dan. “Market Reports: June 2021.” FlexMLS® & Metro MLS ®. July 22, 2021.

June 2021 Home Sales Report.” Wisconsin REALTORS® Association. July 22, 2021.

Speianu, Sabrina.June 2021 Monthly Housing Market Trends Report: New Listings Stage a Comeback in June as Home Prices Hit a New High.” Realtor.com®. July 22, 2021.

Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. July 22, 2021.

Simmons, Quintin. “Existing-Home Sales Expand 1.4% in June.” NATIONAL ASSOCIATION OF REALTORS® July 22, 2021.