The first half of 2021 had strong home sales, and robust median home price growth in Waukesha County. The number of home sales in the county were slightly up from 2020. The median home sales price increased over 11.5% in the first half of the year, compared to the respective time frame last year.
Forecasts predicted June home sales would fall flat or decrease, given the tight inventory of homes for sale. Home sales in June exceeded the number of sales a year ago in the County, but below the number of sales for the same month in 2015 through 2019. The median home sale price was over 9% higher in June, compared to a year ago.
According to the latest Wisconsin REALTORS® Association (WRA) housing report, the available supply of homes statewide was down almost 32% in June versus June 2020. Locally, the number of available homes for sale as of July 29, 2021 listed on Metro MLS was slim, as illustrated in the chart below. A strong seller’s market remains, as demand for homes continue to exceed the number of homes available. Homes are expected to continue to move quickly through this fall, the WRA’s report predicted.
The threat of inflation on the horizon, may lead to slow down in the real estate market. Inflation could lead to higher mortgage rates, resulting in buyer demand to moderate.
For now, the lack of inventory will continue to fuel high home prices. Home buyers should expect to offer at or above asking price for sought after homes, especially in the Oconomowoc real estate market. Besides the offer price, buyers should consider other ways to sweeten the deal for sellers, for a highly desirable home. Working with an experienced REALTOR, who knows the local market well can help buyers increase their chances to successfully purchase a home.
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