August 2021 Housing Market Update

Like the temperatures hitting us this week, it seems the recently released August housing market reports are all showing a decline in home sales, compared to this time last year. This is not atypical, given our ‘hot market season’ runs from May to August anyway. However, this could also have something to do with decreasing inventory and rising median sales prices. Overall, I can attest to the market remaining highly active (and competitive).

NATIONALLY

Summary: Existing home sales decreased slightly while median home sales prices increased in August, both on a national scale, and regionally, here in the Midwest, compared to last month and this time last year.

The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Recede 2.0% in August,” (Quintin Simmons, September 22nd, 2021). The following bullet points are additional highlights from this release.

Existing-Home Sales

“Existing-home sales dropped 2% on a seasonally adjusted annual rate from July to August.”
“The median existing-home sales price rose at a year-over-year pace of 14.9%.”
“Properties typically remained on the market for 17 days in August, unchanged from July and down from 22 days in August 2020.”
“In August 2021, each of the four major U.S. regions experienced declines on both a month-over-month and a year-over-year perspective.”

STATEWIDE

Summary: Honing in, Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Summer Housing Market Constrained by Tight Inventories.“ Here are some additional key takeaways:

August 2021 Home Sales Report

“August home sales fell 6.3% compared to their levels in August 2020, whereas the median price rose 6.4% to $250,000 over that same 12-month period.”
“Year to date, statewide sales are ahead of the pace recorded in 2020.”
“The median price is up 10.6% to $240,000 over that same period.”
“Average days on the market [are] at the record-low level of just 65 days for the second straight month. This compares to 88 days in August of last year. This is the lowest level for days on the market since the WRA began tracking this data in January 2005.”

LOCAL MARKET

Summary: Across our tri-county area (Kenosha, Racine & Walworth Counties) we saw a decline in the number of closed sales and compared to this time last year. Kenosha and Racine Counties actually had more new listings in August 2021, compared to August 2020. Finally, in Southeastern Wisconsin (except for in Racine County), the median sales priced increased, year over year, as well.

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

MARKET REPORTS: AUGUST 2021

Active listings are down 2.9% and sold listings are down 1.7% compared to this time last year. The Months of Supply of Inventory also saw a slight decrease, dropping 1.2% from last year.
The above infographic includes data on single-family properties and condominiums in the 13 primary counties.
by Dan Zielinski | September 15, 2021 | Metro MLS, FlexMLS

Other Market Updates:

August 2021 Monthly Housing Market Trends Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market by Sabrina Speianu, Realtor.com®

Home Prices Dipped 1.2% in August. Could the Housing Market Be Cooling Off? by Maurie Backman of The Motley Fool for NASDAQ

Sellers: Although I do not believe scare tactics are (morally) useful, the fact remains: sellers, your time may be running out. If you have thought about selling your home, the time to act is now. Inventory is dropping, but buyers are still out there. 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: If I’ve heard this once, I’ve heard this a million times this year: money is cheap. Even if you are on the fence, as to whether or not you want to buy a home this year, I suggest you call a lender and get a pre-approval squared away for when the right property pops up. Do not believe everything you hear – there are plenty of sellers out there accepting offers with loans and other contingencies. 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

Follow this Link for Your Copy of the 2021 Q2 Market Report by Keefe Real Estate

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My August 2021

Sources

“Local Market Reports.” MetroMLS®. September 22nd, 2021.

Zielinski, Dan. “Market Reports: August 2021.” FlexMLS® & Metro MLS ®. September 22nd, 2021.

“August 2021 Home Sales Report.” Wisconsin REALTORS® Association. September 22nd, 2021.

Speianu, Sabrina. “August 2021 Monthly Housing Market Trends Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market.” Realtor.com®. September 22nd, 2021.

Backman, Maurie. “Home Prices Dipped 1.2% in August. Could the Housing Market Be Cooling Off? The Motley Fool; NASDAQ. September 22nd, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. September 22nd, 2021.

Simmons, Quintin. “Existing-Home Sales Recede 2.0% in August,” NATIONAL ASSOCIATION OF REALTORS®. September 22nd, 2021.

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Mary Kilkenny
Mobile: 262.903.4262
Office: 262.728.8757
mkilkenny@keeferealestate.com
kilkenny@genevaonline.com

Annie Zambito
Mobile: 262.215.1982
Office: 262.348.3253
azambito@keeferealestate.com
anniezrealty@gmail.com

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The information contained herein is provided for general information purposes only. If any of the above information is material or being utilized to determine whether to purchase the property, the buyer should personally verify same or have it confirmed by a qualified expert. The information to independently verify and confirm includes but is not limited to total square footage formula, total square footage / acreage figures, land, building or room dimensions and all other measurements of any sort or type. Equal housing opportunity listing. Copyright 2021 by Multiple Listing Service, Inc. See copyright notice.

October 2020 Housing Market

Featured

The first full month of Autumn continued the record breaking trends of this unprecedented year. From the Country-wide outlook, down to our narrow Southeastern Wisconsin vantage point, October 2020 was a profitable month for real estate.

Existing-home sales continued to trend upward in October, marking five consecutive months of month-over-month gains, according to the National Association of Realtors®. All four major regions reported both month-over-month and year-over-year growth, with the Midwest experiencing the greatest monthly increases.”
Quintin Simmons, NAR

The Metro-Milwaukee Multiple Listing Service, aka MetroMLS, elaborated on this atypically active market.

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New Listings in the Milwaukee region increased 9.1 percent to 2,068. Pending Sales were down 42.1 percent to 872. Inventory levels fell 5.4 percent to 3,535 units.
Prices continued to gain traction. The Median Sales Price increased 10.2 percent to $255,000. Days on Market was down 28.6 percent to 25 days. Sellers were encouraged as Months’ Supply of Inventory was down 4.3 percent to 2.2 months.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Monthly Indicators by MetroMLS

The Local Market Reports below, created by MetroMLS & ShowingTime, back up these claims with real numbers. Clearly, October 2020 was one for the books. While the number of new listings in Kenosha County were down, in comparison to 2019, there were more new listings for both Walworth and Racine Counties. Regardless, the tri-county area (Walworth Kenosha & Racine Counties) saw double digit percentage increases in closed sales and median sales prices.

Personally, I had several closings that initially went under contract at the end of summer (August/September), and one quick close. Typically, once school starts, the number of buyers requesting showings substantially decreases, but not so much this year. Yes, I am technically less active than I was in say July, but this market has remained competitive, long past the normal time frame.

Sellers: I implore you to investigate for yourself. Look at the statistics, you can find them everywhere: it is an exceptional sellers market. Assess your long term goals and act accordingly, because no one knows how much longer the housing market will remain so heavily in your favor. Specifically, as we head into Thanksgiving and Christmas seasons, be aware that #1: nothing is more welcoming than a home decorated for the holidays, and #2: the buyers that are still looking right now are very serious.

Buyers: there are more of you actively looking to purchase real estate right now; be prepared to offer your ‘highest and best,’ but stay firm in your financial morals. If you feel more comfortable having a financing contingency and a home inspection, then include them in your offer–whether or not your offer is accepted, you still have to sleep at night.

One truth that remains forever true: holiday season means the year is almost over. This year has been full of lessons, but my biggest take away was: preparedness. Having goals and strategies are essential to financial health, but real security is only achievable by flexibility. Feel free to reach out and ask if you need anything. Stay well,

Sources:

Existing-Home Sales Jump 4.3% to 6.85 Million in October by Quintin Simmons of NAR

Monthly Indicators by MetroMLS

Local Market Reports by MetroMLS & ShowingTime

September 2020 Housing Market

Featured

What a year it has been. September 2020 showed continued strength in the real estate market, despite the pandemic. The MetroMLS released their ‘Monthly Indicators,’ this past week with positive news.

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
[…]
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of
a pandemic.
Monthly Indicators by MetroMLS

In our hyper-local market, of Kenosha, Racine & Walworth Counties, all our numbers were up in September 2020, compared to September 2019. Increased median sales price, more new listings, and more sales. Below are the ‘Local Market Reports‘ by MetroMLS & ShowingTime.

Nationally, in regards to last month’s market, Realtor.com stated,

“Homes are sold at an increasingly fast pace when compared to last year, and prices remain at all-time-highs into September. Inventory continues to be constrained by stronger than normal buyer demand and little new inventory.”
September 2020 Monthly Housing Market Trends Report: Heightened Summer Housing Market Activity Spilling Over into Fall by Realtor.com

Overall, like last month, I’ve been on more showings and written more offers per buyer accepted offer, in September. I see new listing after new listing go under contract within days of hitting the market, later in the year than I am used to seeing, as well.

My message to all is to stay in tune with this evolving market. More jobs are going remote than ever before, which means more city-folk are moving country-side. This means competition and higher housing prices. Sellers: be aware that increased demand and bidding wars may lead to local buyers stepping out of the market soon. If demand decreases, prices will follow suit; if you want to list your home, do so before the holidays. Buyers: interest rates are still low, but you will need to be ready to act, and prepared to compete, when the right home hits the market. Get your pre-approval now, and check on the inventory in your local market often. Don’t hesitate to reach out and ask for an MLS search update.

Sources:

September 2020 Monthly Housing Market Trends Report: Heightened Summer Housing Market Activity Spilling Over into Fall by Realtor.com

Monthly Indicators by MetroMLS

Local Market Reports by MetroMLS & ShowingTime

August 2020 Housing Market Update

Featured

The hot summer market continued to sizzle last month, in our hyper-local market, the state of Wisconsin, and Nationally.

According to the National Association of REALTORS®,

“Existing-home sales continued to climb in August, marking three consecutive months of positive sales gains, according to the National Association of Realtors®. Each of the four major regions experienced both month-over-month and year-over-year growth […]”
Existing Home Sales Report by National Association of REALTORS®

The MetroMLS echoed this positive message for the Metro-Milwaukee area, within which I reside and work, for last month.

“The housing and stock markets continue to be the leaders in the economy. In August, showings remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
[…]
Prices continued to gain traction. The Median Sales Price increased by 12.4% to $281,080. Days on Market remained flat at 28 days. Buyers felt empowered as Months Supply of Inventory was up 20.8% to 2.9 months. As we look towards the fall, we usually see housing activity slow down as the back-to-school season begins. But, this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term”
Monthly Indicators by MetroMLS

Finally, as far as market reports go, the Wisconsin REALTORS® Association had similar things to say in regards to August home sales, in our tri-county area of Kenosha, Racine and Walworth Counties.

“According to the monthly WRA home sales report that was released on September 21 , a new three-month record for the most Wisconsin home sales ever was set in the months of June, July and August.
In Walworth County, the number of home sales in August 2020 was 4.1% lower than in August of last year, while the median home sale price increased by 7.9%. Through the first eight months of 2020, the number of home sales in Walworth County is down by 3.9% compared to the first eight months of last year, while the year-to-date median home sale price is up by 11.1%.
In Racine County, the number of home sales in August 2020 was 4.4% higher than in August of last year, while the median home sale price increased by 18.4%. Through the first eight months of 2020, the number of home sales in Racine County is down by 0.9% compared to the first eight months of last year, while the year-to-date median home sale price is up by 8.9%.
In Kenosha County, the number of home sales in August 2020 was 2.9% lower than in August of last year, while the median home sale price increased by 13.0%. Through the first eight months of 2020, the number of home sales in Kenosha County is down by 2.5% compared to the first eight months of last year, while the year-to-date median home sale price is up by 7.4%. […]
Wisconsin Housing Market Records Record Sales for Summer by Wisconsin REALTORS® Association

Why are we seeing positive things come out of a market in the midst of a pandemic? One of the major contributors is mortgage interest rates for home loans.

“The all-time low for mortgage rates was set in mid-September, averaging just 2.86%. With record-low mortgage rates, prospective home buyers can significantly decrease their borrowing costs.”
Mortgage Rates Edge Up, Still Near Record Lows by National Association of REALTORS®

Another noteworthy contributor to this uptick in the real estate market is our decreasing unemployment rate.

“In Walworth County, the unemployment rate dropped from 6.6% in July, to 5.4% in August. These figures compare favorably to the national unemployment rate, which was 8.4% in August […]”
The State of Wisconsin’s Department of Workforce Development report

Overall, it has been one heck of a summer. Personally, I have experienced incredibly high buyer demand and frustratingly low inventory. This has resulted in many more offers written compared to offers accepted. More than once, I have had buyers be outbid by cash offers with a quick closing date more often than I am used to. It also meant I took the same buyer out on more showings than it usually takes to get them under contract. I’ve experienced many pre-listing appointments where the potential seller is “just curious,” and/or folks that want to “wait to see what happens,” with the market, the economy, and the country overall. Lastly, I’ve seen new listings go under contract within DAYS of hitting the market, and upwards of 10 showings the first day or two of listing.

All things considered, my message is very similar to last month. Buyers, if you are at all serious about purchasing a home, you must be ready to jump. Get your pre-approval ready to go, and check your MLS search frequently; when the right home comes onto the market, you will have to get in there ASAP or you’ll miss out. Sellers, the lack of inventory means when your home is listed, you better be ready to move; it is very likely that your home will sell quickly.

Sources:

Existing Home Sales Report by National Association of REALTORS®

Monthly Indicators by MetroMLS

Wisconsin Housing Market Records Record Sales for Summer by Wisconsin REALTORS® Association

Mortgage Rates Edge Up, Still Near Record Lows by National Association of REALTORS®

Mortgage Rates Edge Up, Still Near Record Lows by National Association of REALTORS®

The State of Wisconsin’s Department of Workforce Development report

April 2020 Real Estate

Featured

Housing Market Review: In the Thick of COVID-19

The following charts are ShowingTime’s Impact of COVID-9 to Real Estate Showings in Wisconsin & in North America. They reflect the physical activity of our market compared to that of the entire United States, this year compared to last. April was a hard hit month for the whole nation. The month of May seems to be off to a good start for both, but overall Wisconsin is trending more active than the overall country,right now.

Our low-point so far in this COVID-19 pandemic, appears to be April. The Metro-Milwaukee MLS (Multiple Listing Service) just released their monthly report: Market Reports: April 2020. The numbers don’t lie. In Walwoth County, new listings were down by 50.2%, and there were 30.6% less homes sold in April of 2020 compared to last year. The median sales price went up 9.4%, and days on market went down by 6%; however, that doesn’t make up for the lack of inventory and closings. April’s inactivity is reflective of the worldwide shutdown, no doubt.

I started out with the showingtime data because it is hopeful. The Safer at Home order was reversed by our supreme court here in Wisconsin, so businesses are opening back up for the first time in months. There are a handful of precautions in effect in real estate, from COVID-19 consent forms to gloves and masks. While I feel tense and anxious, I can only concentrate on my own actions. I will continue to work safely, and follow the CDC guidelines on how to protect yourself and simply trust others do the same.

What if April 2020 is as bad as our market gets?

Stay positive, stay healthy & reach out! ❤ , Annie Z.

Sources:

ShowingTime: The Impact of COVID-19 on Real Estate Showings

CDC guidelines on how to protect yourself

Safer at Home order was reversed

Weekly Update – Walworth Co

Featured

Real Estate Market

Mid May, 2020

In the past week, I’ve had 2 closings, wrote 3 offers (1 was accepted), and scheduled 20 showings. Spring is definitely here! Sellers are accepting offers within days of listing their property’s on the market, as per usual this time of year.

…That being said, the elephant in the room remains… There is no way to avoid the trickle-down effect of Coronavirus on the housing market. Here are how showings have been effected in Walworth County, in a side by side comparison of the last 30 days compared to the same date range (4/13 to 5/13) last year, courtesy of ShowingTime.

Here is the Market Summary from the MLS for April 2020 vs. April 2019:

Despite less showings, home sales are only down 2.7% compared to last April. What’s significant here is the drop in new listings. You know what this means? Less Competition! We are still in a “sellers’ market.” There are simply not as many homes on the market as there are ready, willing and able buyers to purchase them. This has been the case for over a decade.

POTENTIAL SELLERS: When it comes to showings & property tours, seller’s can reduce risk of covid-19 exposure by:

1) Leaving lights on so no one else has to touch switches.
2) Require all visiting parties to sign a covid-19 disclosure release form before providing access information.
3) Mandate gloves and masks to be worn by all visiting parties.

Potential Home Buyers – If this quarantine has you hating your home, and you’re ready to move: fear not! There are options:

1) Get a pre-approval FIRST! You don’t want to waste your time in a space you cannot afford.
2) Get on an automatic MLS search that sends you homes that match your criteria as SOON as they hit the market.
3) Take a Virtual Tour first, and THEN see it in person – with gloves and mask – before writing an offer. try zoom or google duo

Follow these links to see the new listings and just sold properties:

Walworth County New Listings in Last 7 Days

Sold in Walworth Co in the Last 7 Days

OTHER INFO

01. How long does coronavirus last on different surfaces? See CDC’s answer here.

02. WHAT YOU LISTEN TO MATTERS: My favorite podcast is “Afford Anything,” by Paula Pant. Her PSA Thursday episode on May 7th had an interesting synopsis of the current state of our national real estate market. Take a listen by following this link.

03. WI Business Owners: Here are the Reopen Guidelines for you!

I see recovery written all over the data coming out, what about you? Are my glasses too rose-tinted? I want to hear what YOU think! Reach out, let me know. Stay healthy… ❤ ALWAYS, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Weekly Update – Walworth County Real Estate Market

Featured

In the last 30 days, I’ve showed 41 properties. I have 2 closings on Friday, one of which is a co-listing of mine, the other is for a buyer. I have also written 2 offers, but neither made it under contract. Currently, according to the Metro-Milwauke Multiple Listing Service, there are 700 active single family and condominium homes listed in Walworth County; 164 of them are under contract, and 54 were just listed this week. Additionally, 33 homes and condos sold in the last 7 days, as well. According to ShowingTime, there were 339 showings scheduled this week, as compared to 301 showings last week.

Follow these links to see the new listings and just sold properties:

Walworth County New Listings in Last 7 Days

Sold in Last 7 Days

There’s no doubt things are picking up, as far as showings go; the problem that remains is lack of inventory. Buyer’s are out there – more than you would think. If you’re on the fence, I’m here to tell you the time has come! If you’re concerned about your safety, be aware that there are COVID-19 consent forms available, and you can require buyers and agents to wear gloves and masks. I have even been to a showing where I was told to wipe down anything the buyer touches with a lysol wipe – not a problem! If anything were ever a way to increase buyer demand, it’s quarantine. People are getting antsy.

Here’s a graphical breakdown of our showings, as well as a preview to the past month’s market summary, with a year over year comparison:

Like I said, clearly there are just less homes on the market (which makes sense, given everything that’s going on). In Walworth County, Active Listings are down 14.1%, and New Listings are down 15.3%. However, the number of closings/homes sold is only down 2.7%. What does this mean? It indicates buyers are still buying homes, despite there being less to chose from. We’ll see what the metro-MLS says when their Monthly Indicators report comes out in a few days.

Stay healthy ❤ always, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Weekly Update

Featured

Market Check-In + Spring Maintenance Tasks

Friday, April 24th marked 30 full days under WI Governor Evers’ Safer At Home Order, where all non-essential businesses were forced to close their doors in alignment with our nation’s efforts to slow the spread of the coronavirus. While real estate is considered an essential business, there’s no denying we have been impacted.

The Impact of 30 Days of “Safer at Home” in Walworth County:

From March 25th to April 24th, 2020, there have been 892 showings in Walworth County. Last year, during the same time frame, there were 1,769 showings. That’s a 50% drop in the number of property showings. Granted this number includes all types of property showings (from condos and single-family homes to commercial property and vacant land). Here’s a graphical breakdown for more clarity:

That being said, week over week, things are looking up. This past week (4/18 – 4/24) we had 242 showings, where as the previous week (4/11 – 4/17) there were 190 showings. Since a property takes anywhere between 30 to 60 days or more to close after accepting an offer, the overall effect on home sales is yet to be determined. However, so far, closings have only dropped to 92% of last years levels. Last year there were 113 single family homes sold in Walworth County from March 25th to April 24th, 2019. This year, from March 25th to April 24th, 103 single family homes have sold. Follow this link to see the listings: Sold in the Last 30 Days

On April 16th, WI Gov. Evers extended the stay-at-home order to May 26th. With that in mind, I thought it would be a great time to offer some spring maintenance tasks and projects to tackle while folks are still stuck in the house.

Springtime Home Maintenance Tasks

Clean out your gutters and downspouts
Pressure wash your siding
Inspect your roof & foundation – schedule repairs
Trim/Prune your bushes and shrubs
Schedule air conditioner cleaning
Clean your windows
Check for/repair holes in window screens
Reseal deck/porch
Paint your house – inside and out!
Switch out winter clothes for spring/summer clothes – don’t forget to make donation piles!
Spray insecticide along windows and doors, and remove bee hives!

Bonus Projects: Paint old tables, hang photos, add more greenery indoors!

Inspired by Spring Maintenance Checklist – More Than Cleaning by HomeAdvisor & Your Spring Home Maintenance Checklist by Family Handyman (houzz)

Slowly but surely, things are improving. As long as we each continue to do our part to stay healthy, we will make it out of this. Please don’t hesitate to reach out if you need anything – groceries, vendor contacts, or even just someone to talk to. I’m here!!

I’m here if you need anything, just let me know!

Stay healthy ❤ always, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Safer At Home Order

extended stay-at-home order

Spring Maintenance Checklist – More Than Cleaning by HomeAdvisor

Your Spring Home Maintenance Checklist by Family Handyman (houzz)

March 2020 Real Estate Report

The Effect of COVID-19 on Our Housing Market

The Metro-Milwaukee MLS (Multiple Listing Service) gathers real estate stats for each month, and compile data points into easily digestible graphs for real estate professionals and consumers alike. Additionally, they highlight recent events to provide a comprehensive real estate market report. I’ve included the portions of their March 2020 report, released April 10th, that pertain to our hyper-local market here in Southeastern Wisconsin.

Also, I’ve included some data released by ShowingTime, which is the showing scheduling tool used by nearly a million real estate professionals in over 250 MLS’s, for some additional insight to the impact of the current COVID-19 crisis. The information provided by ShowingTime is in real time and nationwide, to provide a more up-to-date, wider vantage point.

Here’s what our Metro Milwaukee MLS stated in their Monthly Indicators introduction:

As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
[…] While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.
Metro Milwaukee MLS ‘Monthly Indicators Report’ © 2020

The Local M arket Update, showed some interesting trends. Compared to March 2019, Walworth County had 6.5% fewer new listings (200 vs. 219), but 5.1% more closings (124 vs. 118) AND a nearly 20% increase in median sales price ($268,450 vs. $224,000). Additionally, days on market (until sale) have gone down 16.1% (78 days vs. 93 days). Zooming into my local area, the Lake Geneva/Delavan/Williams Bay area, things went a bit differently. We saw 26.7% more new listings, but 10.5% less closings in March 2020, compared to March 2019. However, there was a substantial 42.2% rise in median sales price AND a 28.3% decrease in days on market!

What does this mean for Walworth County? Well, logically, given the current pandemic, less sellers put their homes up for sale; however, more sellers sold their homes, for more money, and in less time, this March compared to last.

While our local market (LG-Delavan-WB) is so small that the numbers are often not an accurate depiction of the market at whole, the increase in median sales price for March 2020 compared to last year was seen across our tri-county area. Call me a Pollyanna (I’ve been called worse), but this makes me optimistic.

Next, let’s check out how property showings have been… infected. Governor Evers declared that real estate is an “essential business” allowed to continue operations, despite his ‘Safer at Home’ order (recently extended to May 26th). This makes sense to most, given that we need a home in order to abide by said order.

That being said, many of my buyer clients have been laid off, others have had significant cuts in their pay, and a handful even had to close their business doors, as a result of this order. I honestly feel guilty going on showings, with my few remaining buyers, given the financial hardships facing my other clients, friends & family members.

Side Note: I wear gloves to every showing, and make my buyers follow suit. If the home is owner-occupied, we also wear masks. Follow this link for CDC guidelines on how to protect yourself and your loved ones.

Sellers, similarly, are stuck between a rock and a hard place. Many brokerages are sending out COVID-19 consent forms for the agent and buyer(s) to sign, certifying he/she is not sick, has not tested positive, or come in contact with someone who has tested positive… but there is no denying the fear remains.

As a reminder, this virus went ‘pandemic’ status Wednesday, March 11th. ShowingTime has accumulated data across over 250 national MLS’s and published The Impact of COVID-19 on Real Estate Showings, and the graphs speak for themselves. According to ShowingTime, showings are down 58.4% nationally, and down 37.8% in Wisconsin, compared to this time last year (charts created 4/16/2020).

ShowingTime Target Market Analysis 2019 Showings for LG-Delavan-WB

ShowingTime Target Market Analysis 2020 Showings for LG-Delavan-WB

The two charts above breakdown our local market showings by price point. Please take note of the scale along the bottom. There number of showings have decreased by the hundreds in the past month alone.

My Takeaways

I have done many ‘virtual showings,’ and a ‘virtual open house,’ but it’s not the same. Buying a home is often the largest, or one of the largest, purchase one makes in their lifetime – would you be comfortable buying a home you haven’t seen with your own two eyes? Without stepping foot inside your new home until you’ve left the closing table? I wouldn’t, but that’s just me.

I could understand, for example, a multi-family property investor putting an offer on a home, sight unseen, if what they primarily seek is an occupied, income producing rental property. Furthermore, a few years ago, I was part of a transaction where the buyer had a job transfer, and was not able to see the property he purchased in person beforehand. Regardless, these are not regarded as optimal property purchase scenarios. Different, but not preferred.

Overall, I have never more content living here in Wisconsin, an hour away from any major metropolitan city, without public transportation. Post-pandemic, I do think more people will be moving out to the countryside. However, this virus has clearly impacted real estate. The long term effects of the CARES act and mortgage forbearance have yet to be revealed. We must stay vigilant with our finances, now more than ever.

I’ve been using my free time at home to stay in tune with our local and national real estate markets, as well as the overall economy. We will recover from this, eventually, if we all do our part. Remain at home, if you can; take precautions, if you can’t. We are all in this together.

Stay safe & healthy ❤ , Annie Z.

Sources:

‘Safer at Home’ & Safer At Home Order Extended

CDC guidelines on how to protect yourself

ShowingTime: The Impact of COVID-19 on Real Estate Showings

CARES act

NATIONALLY

STATEWIDE

LOCAL MARKET

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New Listing! 611 B Westbury Ln | Delavan, WI Offered at $264,900

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Housing Market Review: In the Thick of COVID-19

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Real Estate Market

Mid May, 2020

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Market Check-In + Spring Maintenance Tasks

The Impact of 30 Days of “Safer at Home” in Walworth County:

Springtime Home Maintenance Tasks

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The Effect of COVID-19 on Our Housing Market

My Takeaways

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New Listing!
611 B Westbury Ln | Delavan, WI
Offered at $264,900