Unleashing in 2020 and continuing into 2021, the Oconomowoc real estate market has been lively. Supply of homes for sale were at historic lows, buyer demand surged, and home prices sky rocketed. The Covid-19 pandemic affected both supply and demand of housing. This summer began with the same vitality, but now the market is beginning to lighten up.
MEDIAN SALES PRICES
For the first seven months of the year, the average median sales price was up over 11% for homes in Waukesha County, compared to the same time period last year. We are still seeing bidding wars for popular homes in Oconomowoc and surrounding area, which ultimately drives up the final sales price.
Last month, many homes in Oconomowoc sold for at, or above the asking price (as high as $50,000 over the list price). Below is a timeline of the median home sales price in Waukesha County. Last month’s median sale price was slightly down from June.
INVENTORY
Statewide, supply of homes remained below the benchmark of a balanced market. Total listings last month were 11% lower than the respective month last year, according to the Wisconsin REALTORS® Association most recent home sales report. This was a major improvement from the first month of the year, where listings were down over 30% compared to January 2020.
Locally, it is still a strong seller’s market with buyer demand outpacing supply. Bidding wars, and homes going under contract quickly are still common.
The arise of the pandemic last year pushed back the bulk of home sales into summer, rather than the typical busy spring season. Unsurprisingly, home sales this year could not beat last July’s record breaking month.
With buyer demand outpacing supply, it is still a great time to sell your home. Historically, the real estate market slows down as the holiday and winter season approaches, so now is the time to get your home on the market.
Find our what your home is worth in today’s market by contacting your local REALTORS® at Oconomowoc Realty for a free comparative market analysis.
If you put your plans on hold to buy a home in Oconomowoc or the surrounding Lake Country area, now might be the time for you to start looking. There are more homes on the market during the summer and fall season, and you can still take advantage of low mortgage rates before they start creeping up.
If you have questions about purchasing a home or want to get the ball rolling, contact us anytime to speak to a REALTOR®.
