January 2020 Local Market Update

Featured

Southeastern Wisconsin

Photo by Oleg Magni on Pexels.com

Our Metro-Milwaukee Area Multiple Listing Service gathers real estate stats for each month; they compile data points into graphs and highlight renown voices to provide a comprehensive Local Market Update. The following is from their latest report, released Tuesday, February 10th, regarding our hyper-local, Southeastern Wisconsin area for the month of January 2020.

10 K (Local) Market Research Reports by Multiple Listing Service Data Notes:

  • Single Family and Condominium property types only are used in all reports.
  • Monthly Supply of inventory: Instead of just the most recent month, they look at the average number of monthly pending sales from the last twelve months. This removes the effects of seasonality (i.e. there are way more sales in June than there are in December) and makes it easier to compare month-to-month numbers.

In their “Monthly Indicators,” the MLS is promoting an optimistic point of view for this year…

For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.

We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.

Metro MLS Report © 2020 ShowingTime

Did you know?

2019 TOTAL SALES VOLUME INCREASED BY ~14%! (compared to 2018)*

ALSO: Walworth, Williams Bay and Genoa city saw a nearly 20% increase in median pricing; Lafayette saw a 53% increase in volume; Median Pricing and Ave Price Per Square Foot both increased, and days on market generally dropped*

Want more info?

For YOUR copy of the 2019 Market Update by Keefe Real Estate* email azambito@keeferealestate.com

* Copyright © 2020 Keefe Real Estate


January was clearly a hard month for my current area, Lake Geneva. That being said, I am positive for the year overall. If there ever was a time to sell, now is it; the seller’s market is very very strong. Don’t hesitate to reach out for a home valuation, my contact information is as follows!

Let me know if you found this helpful in the comments below, or shoot me a message on my socials!

❤ always, Annie Z.


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    


Data Source: All data from Metro MLS. Report © 2020 ShowingTime.

Metro-Milwaukee MLS Market Report – November 2019

Featured

Here in Southeastern Wisconsin, we facilitate real estate transactions via the Metro-Milwaukee Multiple Listing Service. On or around the 10th of every month, the MLS provides the previous month’s Market Statistics.

The Metro-Milwaukee MLS provided the following statement, in their latest edition of “Monthly Indicators”:

In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.

…While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.

All data from Metro MLS. Report © 2019 ShowingTime.

Below are last month’s numbers for Walworth, Kenosha and Racine Counties. Note the fine print that cites, “Activity for one month can sometimes look extreme due to small sample size.”

I wanted to also share the breakdown below. Specifically, note that absorption rates have decreased, sellers are putting their homes on the market at higher list prices, but closing in less time and at a lower price point in Walworth County, as of November 2019, compared to November 2018.

Personally, I’ve noticed a good chunk of listings go off the market, many with a note from the listing agent that the seller has decided to “rest [the home] for the holidays” thereby leaving the ready, willing, and able buyers less options from which to choose. Needless to say, as these (currently not listed) properties come back onto the market, there will be more and more competition for sellers; if you’ve been considering selling your home, this may be the time.

Reach out for your copy of the latest Local Market Report from the Metro-MLS

What do you think about today’s market? Let me know, I’d love to hear from you!


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