Since July of last year, median home prices in Wisconsin have grown at an annual rate of 9.7% or higher each month, according to the latest housing market report from the Wisconsin REALTORS® Association (WRA). Housing inventory continues to be in short supply, which has led to a relentless period of solid price appreciation.
Despite the rise in home prices, the backlog in buyer demand has fueled strong home sales. The bulk of homes for sale in Waukesha County were under contract, detailed in the graph below (as of March 17, 2021 when our data was compiled). Remarkably, over 90% of the homes for sale, priced between $215,000 to $350,000 in Waukesha County were under contract.
As the world turns, the increased distribution in coronavirus vaccinations and warmer weather could motivate the “wait and see” sellers, those who postponed their plans to sell in 2020, to list their home this year. Those looking to cash in on their home equity, and take advantage of low mortgage rates may also be in the market to move, which would help add more homes to the marketplace.
Additionally, new construction homes are on the rise. The Wisconsin single family permit data shows the number of permits pulled increased 13.7% last year from 2019, and increased 19% in January versus the prior year according to the WRA’s report.
Once inventory improves, the growth in home prices is expected to moderate. If you’re thinking about selling, you may find that you will have less competition earlier in the year. As COVID vaccinations become more widespread, more homeowners may feel comfortable listing their home. For those looking to purchase a home, you can still find good opportunities.
Despite the turbulent real estate market, we have still helped our clients successfully close on their home. If you would like to discuss your real estate goals or have questions about the local market, please reach out to us.
Outdoor spaces have become more valuable than ever. Last year’s stay at home order cooped us up at home, and altered the way we utilize our yards. Enhancing your yard and creating functional outdoor living spaces can make your home more attractive to buyers, and ultimately improve your home’s resale value.
It is important to consider what practical yard improvements you can implement to make the most of your home, while setting yourself up for success when you want to sell. Here are 7 recommendations to help you decide how to spend your money.
Landscaped homes are typically priced higher than similar homes without it. Adding hardscaping and softscaping into your home’s design will help your home look more polished and adds curb appeal.
Retaining walls, garden edging, and walkways are some hardscaping ideas to transform your yard. Planting shrubs, plants, ornamental grasses, and trees are easy ways to add texture and color to your yard.
Mowing, annual mulching, and pruning shrubs helps your home look well cared for. Doing these things or hiring someone to do them for you should bring a 100% return on investment according to The National Association of REALTORS® Impact Report on Outdoor Features.
Illuminating your yard can act as a safety precaution, and also helps create an ambiance. Lighting can make your outdoor space feel more inviting.
A new deck or patio will improve the livability of your outdoor area and in general, a good return on investment. If you already have one, fixing it up instead of starting from scratch may be the better route. A good pressure cleaning can instantly enhance its appearance.
A patio or deck provides an excellent foundation for an outdoor living space, but shouldn’t take up your whole yard. Reserve some open space to allow room for exercising at home, and providing space for kids and pets to play.
A perfect way to expand your home’s living and entertaining space is to create an outdoor living/dining area. Ideally, the space should be easily accessible to your kitchen.
If your yard has frequent sogginess, puddling and/or flooding during the rainy season, it can cause basement issues and turn off prospective buyers when you’re trying to sell. It is recommended to have a drainage system in place.
Swales and rain gardens are some natural ways to manage storm water that helps reduce pollutant runoff, among other environmental benefits.
We hope this information is helpful to you. If you would like to speak to one of our realtors about the local market or about taking the next step to purchasing a home, please don’t hesitate to reach out to us.
Learn what other people have said about working with us on our Testimonials page.
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The real estate market started off strong to kick off 2021. January is typically the quietest month of the year in real estate, however both sales and prices improved from January 2020 in Wisconsin.
Our local southeast region had the highest number of January home sales in the state, up 4% from the respective month last year. If you have a property up north, you may be interested in hearing that home sales jumped 31% in the north region, over the same time period.
Locally, the median home sales price in Waukesha County grew an impressive 10% to $330,000 comparing last month to January 2020. Home prices may only go up from here, if housing inventory does not improve.
The Wisconsin REALTORS® Association (WRA) reported in their most recent housing report that there were roughly 2 months of homes for sale in January, worse than 3.5 months of supply a year earlier. Statewide, listings were down nearly 36% in January 2021, compared to the respective month last year.
Mortgage rates remain extremely low, helping to add more buyers to the marketplace. Home prices may increase significantly and the number of sales may slow, if the number of homes available do not improve.
Winter can be the best time of year for buyers to successfully purchase a home, before buyer competition ramps up in spring.
As a buyer, you may still be able to find some good opportunities. Working with a realtor who is experienced, and knows the local market well, can give you the best chances of scoring a home in this tight market.
To consult with one of our real estate professionals about your real estate needs, please reach out to us.
Swap out your dated hardware in the kitchen and bathrooms for a newer look. You will find that there are many styles, finishes, and colors to choose from.
Hanging decorative corbels under breakfast bars, mantels, shelves and in entryway corners can be a stylish way to add some character and charm to your home.
The use of the decorative finish can make a room more pleasing to the eye. Crown molding helps give a room a more stylish look. When used selectively, it can distinguish the more formal areas of your house from the casual areas.
Start fresh by emptying out your pantry and cleaning it. Categorize items to quickly find what you need. Make use of lazy Susans, glass or clear plastic containers, and baskets to help save space. Label items to easily locate them. Utilize door and extra wall space by hanging shelves and hooks. Being a high traffic area, an organized pantry can make a great impression on future home buyers.
Replacing your thermostat with a smart one is a modern update that can appeal to future home buyers. Many of the devices can be controlled by your phone and voice, to easily adjust your heating and cooling settings.
Save space by mounting your TVs on your wall. For an even more sleek look, you can run the cords behind the drywall. Mounting your TV can make a room feel larger, and eliminates the need for a bulky T.V. stand.
Transform your laundry room from bleak to charming. Add some cabinets, shelving, and hooks to organize. If your laundry area is in the basement, put down a rug to warm up the space and add color. Utilizing liquid dispensers for laundry detergent and softener adds convenience, and gives a cleaner look. Throw in some decorative items on the shelves or walls to complete your space.
Upgrading your kitchen and bathroom faucets to more modern and stylish ones can instantly make the room feel more contemporary.
An inviting entryway can help your home feel more welcoming. A statement rug can add personality. Hooks, shelves, a bench and a small table can all add function to the space.
For your backdoor entrance, create an organized drop zone for items such keys, dog leashes, backpacks, and winter accessories. Hooks and baskets are a great way to contain items, while making them easily accessible. Designating a drop zone in your home can help reduce a cluttered feel.
An old ceiling fan can make the whole room feel outdated. Trade your old ceiling fan for a more modern style or replace with a lighting fixture. Lighting fixtures can dramatically change the look and style of a room.
Chili fest is one of the community’s favorite events of the year. Here are 11 useful tips for the festival.
Event information provided is believed to be accurate and reliable but is not guaranteed and subject to change. Please make sure to verify information for the event.
Oconomowoc Area Home Sales Go Through the Roof in 2020.
10 Helpful Tips to Protect Your Home and Wallet This Winter
Little-Known Ways to Make Your Home Feel Warm, Cozy and Inviting
The Oconomowoc area housing market was very active in 2020, as home sales improved substantially in the second half of the year.
Despite the fact that the number of homes for sale in the Oconomowoc area was not able to keep up with buyer demand, home sales compared to 2019 increased over:
Statewide, annual home sales in 2020 increased over 7% from the prior year- topping off at 88,685 sales. The highest recorded number of home sales in WI since 2005, when the WRA updated their data collection methods, according to the latest sales report from the Wisconsin REALTORS® Association (WRA).
Prices soared for homes in Oconomowoc and surrounding area. Driven by record low mortgage rates, the annual median sales price in 2020 compared to the prior year grew:
The WRA reported that 2020 was the first year the state’s median home sales price exceeded $200,000- up 11.4% year over year.
Homes continue to move quickly and for top dollar. Recent record-breaking home sales have deprived the number of homes available. Statewide inventory stood at just 2.2 months in December, according to the WRA. If listings don’t improve, we may start to see falling home sales, and sky rocketing prices.
The housing shortage is excellent news if you are looking to sell your home this year. Listing your home prior to spring is an ideal time due to less seller competition and a bigger pool of buyers. In return, you can sell your home without delay and have the upper hand when it comes to negotiating.
If you are looking to purchase a home in the Oconomowoc area, it is imperative to work with a realtor who is experienced and knows the area well to help you navigate the hot market.
Our team is here to help you achieve your real estate goals. Contact one of our real estate professionals to get started, or if you have questions about the local housing market.
In October, statewide home sales were up nearly 25%, compared to last October according to the Wisconsin REALTORS® Association (WRA) latest home sales report. Over the same time period, the median home sale price increased more than 16%.
Mortgage rates have been lingering below 3%, which has supported such strong home sales and prices. Comparing the first 10 months of this year compared to 2019, Wisconsin home sales were up 4.5% and the median price was up double digits- over 11%.
Home prices in Waukesha County have held steady so far, rather than declining, as we historically see towards the end of the third quarter of the year. As winter weather moves closer, home prices and buyer competition are expected to ease. Buyers may find good opportunities this winter season, and be able to take advantage of the low mortgage rates.
To discuss your real estate needs, please don’t hesitate to reach out to us to discuss your home buying or selling goals.
Champion local artists and give the gift of art such as paintings, ceramics, photographs, jewelry, and stained-glass pieces.
Gifting a book from your local book store is like sending them on a mental vacation, something we could all use a little bit of this year.
A gift card to a local salon may be the perfect gift for those essential workers that are on your list.
Shop at a local greenhouse or florist to brighten up your gift recipient’s home.
Give a gift with history, such as an item from your local antiques store. They can be excellent decorative pieces and add warmth to a home, especially if the item is sentimental to the inheritor.
Gift certificates to a local class to learn something new, like cycling, Tae kwon do, or a dance class. Many businesses also offer virtual class options.
The Oconomowoc area offers many opportunities for outdoor recreation in winter. Those on your list who enjoy the outdoors may appreciate winter gear from your local sporting goods store. Gifts such as ice fishing tackle, snowshoes, or winter attire can be good options.
A gift card to a local restaurant or eatery can help free up a night of cooking for your gift card recipient.
Giving the gift of local beer or coffee can make brilliant gifts for those aficionados that enjoy a craft cup of brew. Purchase at your local brewery, coffee shop, or roaster.
Locally baked goods and hand-crafted confections are enjoyable treats that many would appreciate.
These two Wisconsin classics can make up the perfect gift basket.
Donate to a local non-profit in the name of your recipient. Choose a non-profit that aligns with the recipient’s values and interests.
Purchase a local memorial or honor gift in the name of your gift recipient. These gifts could include a park bench, a piece of boardwalk at a nature center, or a brick at the Veterans Memorial Park.
Support your local pet supply store and buy a special gift for your pets, such as handmade treats.
If you’re still not sure what to get someone, you can support local businesses by purchasing a gift card from them. The Oconomowoc Chamber of Commerce also offers Oconomowoc gift certificates, which can be redeemed at any of the local participating businesses.
For your real estate needs, consider using a local boutique real estate firm like Oconomowoc Realty. Proudly serving the community since 1959. Feel free to contact us if you have questions about the local real estate market conditions or to discuss your real estate goals.
Little-Known Ways to Make Your Home Feel Warm, Cozy and Inviting.
10 Helpful Tips to Protect Your Home (and Wallet) this winter.
Fall Home Maintenance Reminders.
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