Thursday, August 11, 2022 / by Julie Winter-Paez
We are in a new month, it is now officially August and I'm super excited to love the beginning of every month because that means we can take a peek at what happened the month prior. So let's take a really quick look at July. I'd like to start off by looking at the entire higher MLS and see how the whole region is doing. And what I can tell you is new listings were down 9% in the month of July and year to date they are down about 9.5% year to date on total new listings.
When we look at pending sales things that are under contract to close, very interesting. Year to date the month of July is up about 9%, but the month of July alone has 36% more pending sales than we did in last July. So what does that tell us? We're probably going to have a really strong August or September, so we might do a little catchup here going into the third quarter.
And when I look at closed listings or closed sales, year to date, the month of July was down about 20% and year to date we're down about 25%. So I'm hoping that that 39% increase in pending sales is going to get us a little bit caught up to where we were last year. Now again, I've said this all year long, 2021 was an anomaly, but 2018 and 2019 were very strong real estate years and I don't see this year being any different.
Now, let's dial in a little bit of Oneida, Vilas and Lincoln Counties, the counties that I primarily serve in the Northwoods. If we take a peek at new listings, we are down 16% in those three counties as compared to 9% for the entire MLS and we are down year to date about 10%, which is pretty on par with the entire MLS.
Pending sales are up 39% for the month of July and they are up down 11% year to date. So that's also really interesting. So again, a very healthy July.
And then if we look at close sales, we are down 24% for the month of July and year to date down 26%. So again, July was a very heavy, busy month. Everybody was active out in the field and the hope is going to be that when those listings close in the month of August, maybe September, we're going to see some really strong numbers come in.
So then I also like to go in and look at something unique every different month. And what I looked at this month was where do we see the most listings? So when I pull up all the different price points, the majority of the inventory was interesting in the $25,000 to $75,000 residential house, second, $75,000 to $175,000 and third $175,000 to $325,000. So where's the missing inventory? I'll tell you, it's in the $325,000 and up. So if you are a seller or a buyer searching for $325,000 homes and up. That's why you're feeling pain right now because that's where we have the least amount of inventory.
So, again, if you're looking for more specific data on your unique market segment, whether you're a buyer or seller, I am always happy to dive into something new for you. Give us a call, help us guide you through the process, and have a fantastic day.