This year is already demonstrating to be another competitive and fast-moving market for home buyers in the Oconomowoc real estate market and surrounding areas. Both mortgage rates and supply of homes for sale in Waukesha County remain low, which in return has helped uphold a strong seller’s market.
Compared to the respective month last year, the number of home sales in WI last month were nearly 9% higher. Median home sale prices rose 8.6% over the same 12-month period. The Wisconsin REALTORS® Association reported these stats in the latest Home Sales Report.
RECORD LEVELS REACHED IN JANUARY 2020.
January hit a record for low inventory, since the WRA started tracking levels in December 2009. The number of Wisconsin listings last month were 14% lower, compared to January 2019. Compared to any previous January back to 2007 (when the WRA updated their data collection method), last month had the most home sales. With just over 3 months of supply (well below a balanced market of 6 months), hitting that record is impressive.
OCONOMOWOC AREA REAL ESTATE MARKET CONDITIONS.
In Waukesha County, the median home sale price has been steadily increasing since 2016. The graph below illustrates the rising prices for homes in Waukesha County, over the last 3 years.
Sellers continue to have the upper hand when it comes to negotiating power, in the local Oconomowoc real estate market. Be prepared to write at least a full price offer with limited or no contingencies if you’re looking to buy a home in Oconomowoc or neighboring area.
NAVIGATING TODAY’S REAL ESTATE MARKET.
An experienced realtor who knows the local market well on your team, is highly advised in today’s fast-moving market conditions. They can help minimize your stress and get you to a successful closing. Now is a great time to get a head start on your real estate needs. Contact us and we’ll help you start off on the right foot if you’re looking to sell at a superb price, or want to begin your new home search. Check out our Testimonials page, to hear what others have said about working with us.
Information and data were obtained from the Wisconsin REALTORS Association’s January 2020 Home Sales Report. (This hyperlink will take you away from our website to the WRA’s report).
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