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.