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Northern Wisconsin Real Estate Market Update End of March 2022

Monday, April 11, 2022   /   by Julie Winter-Paez

Northern Wisconsin Real Estate Market Update End of March 2022

April showers BRING May flowers!  At least that is what we are hoping for up north. It is actually still snowing as I look out the window right now working on this market report! So, fingers crossed that it keeps raining so we can continue to melt the white stuff outside and start to enjoy the outdoors without our winter jackets and oddly enough, rain boots:-)

I know that is a bah-humbug attitude BUT It is spring after all!

So here is a quick first-quarter market update!

In the ENTIRE Multiple listing service year to date, we remain low in inventory...as you can see below we are about 25% down on new listings in the month of March and a total of 22% down year to date.
It is crazy to see the pre-COVID numbers from 2018. I also want to point out the number in the bottom right of the graph... it is a two-year average mark and as you can see the month of March was only down 6% going back two years.

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Here is a year-to-date image of the sales so far year to date as well. This shows us that the month of March was down about 38% in units sold and year to date we are down about 30%. So, again while we are down in inventory we are still selling homes; this year less than last year BUT still more than were sold in 2018, 2019, and 2020. 
Also if you take a peek at that two-year average again you will see that March performed better and was up 6%.

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Now let's dial in and take a look at Oneida and Vilas Counties. As you can see, the new listing inventory is down significantly year to date and for the month of March.
It is down for the 5th year in a row and this year it is down 28%.

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Interestingly enough sales are down compared to last year BUT they are UP compared to 2018, 2019, and 2020 for both the month of March and year to date.
So, again, good indicators that the market is strong but it is difficult to compare to 2021.

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What does this mean? You need to know what is the MOST competitive market out there so if you are selling or buying in it you understand how prepared you need to be!

Below are just a couple of examples of listings that went QUICK and OVER asking so you can see what is selling quickly; the style, setting and of course, price. I will watch to see how much these sell for over asking so we can better guide you BUT my gut says most will be about 15% over asking.

Hope this helps and please if you are interested in selling OR buying or hear of anyone who is please send them in our direction so we can help guide them through the process.

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