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Julie's Northern Wisconsin Real Estate Market Report For June 2022

Thursday, July 14, 2022   /   by Julie Winter-Paez

Julie's Northern Wisconsin Real Estate Market Report For June 2022

Looking for info on the latest Real Estate news in Northern Wisconsin? Check this out! The Real Estate Market is still very strong! In spite of all the doom and gloom you may hear on the news, the Wisconsin and Midwest Real Estate Market is booming!

It is the beginning of July and we all know how I love the beginning of the month because that gives us time to look back and reflect on what happened in June as well as take a look at what's happening year to date in the real estate market in Northern Wisconsin. A lot of big, bad, scary news going on nationally right now about the economy, the recession, an increase in foreclosures and short sales. But again, remember, real estate is local and news is meant to scare. If you really want to know what's happening in a marketplace, you need to reach out to a local expert and somebody who can walk you through what's happening in that market, which is what I love to do about the Northern Wisconsin real estate market. If you ever have a question about our market, please don't hesitate to give me a call. Unfortunately, I love talking about real estate, the people around me know that. 

So let's start a little bit on new listings. If you remember last month I talked about how the first time in probably 16 months we had more inventory come on the market than the year before in the same month. Well, June is back to normal, or at least the new normal post COVID we had 654 residential listings come on the market in June compared to 704 last year, same month. So we were down about 7% in new listing inventory. However, if we go back and do a two year average, that's going to be down about 15% compared to two years ago. So definitely new listings are still tight and there's not a huge amount of inventory on there. That has been the one constant this year is the shortage of inventory. So last month may have been just an anomaly where we had more things come on the market. 

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Now let's look at closed sales. In June of 2022, we had 418 closed sales compared to 529 last year in June of 2021. Year to date, that's a 20% difference. However, if we go back two years, that's about a 9% difference. And if we look at year to date compared to two years ago, we are actually up in closed sales by about 18%. So again, I've said this multiple times this year, 2021 was an anomaly and it was just an amazing year in real estate. Even though we are down with sales in June 2022 over June 2021, we are still up compared to 2018 and 2019, the market is still strong and healthy. 

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Then if we just look at the overall market picture in general, we are still down in inventory, but we are up in pending sales, which means we're going to have more closings probably in July and August significantly by about 35%. We are up in price by about 11%. The days on market are slightly up and we are down in month supply of inventory. So a lot of those leading indicators about the strength of the real estate market are still performing very, very well. 

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And the last thing this year I also took a little bit at in June was looked at the higher end market because what a lot of my compatriots have been saying is that with the market shifting and changing, the higher end market is dissipating. I'm not seeing that. Granted, in June we had 14 sales over 750,000 compared to 21 last June. But if we look at 2020, 2019 and 2018, that is almost double to triple the sales that we had in June in all of those years. And if we look at year to date numbers, we've had 73 sales year to date compared to 65 in 2021, which again, 2021 was a strong market. 

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I also took a look at the overall market nationally just because, again, because of the news media and what they're putting out there, I wanted to see how the Midwest in general is faring. And one of the things we've always loved about the Midwest is we are a little bit insulated. As a whole, the United States is down about 8.6% in existing home sales through June while Midwest is down about 7.5%. If we look at pending home sales, the entire nation is down about 14%, Midwest is only down 8.8%. So again, as a region, we are also insulated from a lot of this really bipolar activity happening around the country, which is why, again, I love living in the Midwest, and more specifically, I love living in Northern Wisconsin. 

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So that's an overall picture of the market at the end of June and year to date and a lot of the stats that are happening. If you have a question about selling or buying up here, please reach out to an expert and somebody who understands what's happening in our market. Remember, real estate is local. It's not global, and it's not always the same across the United States, each market is different. And us up here as a second home market is incredibly different than what's happening even in other parts of the state of Wisconsin. So give your local expert a call. Preferably give me a call, and we would love to help you and see you as a new neighbor in the Northwoods. Have a great day.

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