In Southeast Wisconsin, homes sales improved 5.7% over the past year, according to the most recent home sales report by the Wisconsin REALTORS® Association (WRA). The southeast region had the highest sales growth in the state, and the weakest inventory of homes for sale over the same time period. Housing inventory in the region stood at merely 3.7 months of supply over the last 12 months, which indicates a strong Seller’s market prevailed in the local area. Statewide, housing inventory had 4.6 months of supply over the respective time frame.
According to the WRA’s report, the statewide average days on the market shortened 5.2% over the last 12 months, to an average of 91 days. The marginal supply of homes for sale continues to dictate the local housing market conditions. Home prices will consistently rise and the number of home sales will be restrained, if the volume of homes available to purchase do not improve. The growth in new listings within the last two months may be a clue that housing supply will start to recover at last.
Current mortgage rates are only slightly higher than the all-time low rates seen at the end of 2012, which is encouraging Buyers to enter the market. In addition to new Buyers, existing demand for housing has extended beyond the peak real estate season of Spring and Summer due to the lack of homes available. For the time being, it is still an advantageous time to sell. On average, the winter season yields more serious Buyers and less competition with other Sellers. Buyers should continue to get per-approved for financing and be ready to act quickly, especially for homes priced under $300,000.
If you have questions about the current conditions of the local real estate market, please don’t hesitate to contact us.
Oconomowoc Realty is family owned and has been servicing all of Oconomowoc and the entire Lake Country area since 1959. Learn more about our story HERE and check out our Testimonials page to hear what others have said about working with us.
Source for data and information: “Wisconsin REALTORS® Association: October 2019 Home Sales Report.” WRA, 18 Nov. 2019, www.wra.org/HSROct2019/.